I totally get the temptation to drop coverage once your car’s not worth much. But do you have enough stashed away to cover a total loss or a big accident? I see folks forget about stuff like hail damage or theft...that can sting. How old is your car, anyway?
- Been down this road with my old Outback. Once it hit 12 years and the value dropped under $4k, I started thinking about cutting back on coverage.
- Here’s what made me pause: last summer, a freak hailstorm rolled through while I was camping. Dents everywhere. Insurance covered it, minus my deductible. If I’d dropped comprehensive, I’d have been out $2k easy.
- Theft’s another one. My buddy’s ‘05 Tacoma got swiped from a trailhead—he thought “who’d steal this old thing?” Turns out, plenty of people will.
- I get wanting to save money, but for me, if I’m not ready to eat the loss (or pay for repairs) without sweating, I keep at least comprehensive. Liability-only just feels risky unless the car’s basically disposable.
- Guess it depends on your risk tolerance and how much you drive. For me, peace of mind’s worth a few extra bucks a month.
Liability-only just feels risky unless the car’s basically disposable.
That’s pretty much where I land too, but I’ll admit I’ve been tempted to roll the dice. My old Civic was worth maybe $2,500 and I almost dropped comp/collision… then my neighbor’s car got sideswiped overnight and the hit-and-run driver vanished. Made me rethink. If losing the car would seriously mess up my budget or commute, I keep the coverage. Once I’m at “meh, I could walk away,” then liability-only feels okay. It’s a weird balancing act, honestly.
It’s funny, I’ve seen people drop comp/collision the second their car dips under $3k in value, and sometimes it works out… but I’ve also seen folks get burned when a tree branch or random vandalism totals their ride. Personally, I held onto full coverage longer than I probably “should have” with my last beater, just because I couldn’t stomach the idea of scrambling for a replacement out of nowhere. I guess it really comes down to your risk tolerance and how much you rely on that car day-to-day.
I totally get where you’re coming from—my last “cheap” car was still a German import, so I clung to full coverage longer than my wallet liked. A few things I always ask myself:
- How bad would it hurt if my car disappeared tomorrow? (For me? Ouch.)
- Am I really saving enough on premiums to justify the risk?
- Would my insurance even pay out more than a grand after the deductible and depreciation circus?
Ever had a claim where your payout was actually worth the hassle? Sometimes I wonder if I’m just paying for peace of mind and a little less heartburn...
