At that point, you’re basically insuring against something you could almost just pay out of pocket.
I get what you’re saying about the numbers not adding up—$600 a year on a $2k car is wild. I guess for me, it’s less about “not wanting to gamble” and more about how much chaos it’d cause if the car got totaled. We’ve got two kids and one car, so even though we park in a garage and don’t drive a ton, losing it would throw our whole routine out of whack.
That said, I do think where you park matters. If your car sits outside under trees or you’re in a hail-prone area, maybe comp makes more sense than if it’s garaged 24/7. Ever had to actually use your comp coverage for something like that? Or is it just peace of mind you’re paying for?
I hear you on the chaos factor—losing your only car with kids in the mix is a nightmare scenario. That’s exactly why I keep comp on my old truck, even though the math doesn’t really “work” on paper. It’s not just about the payout, it’s about avoiding a scramble if something random happens, like a tree limb or hailstorm.
Funny enough, I actually did have to use comp once. Years ago, a neighbor’s tree came down in a storm and smashed my daily driver. Insurance cut me a check that was more than I could’ve sold the car for, and I was able to get back on the road fast. Without it, I’d have been stuck hunting Craigslist for a beater with zero notice.
I get that for some folks, it’s just peace of mind. But for me, it’s more like a buffer against life going sideways at the worst possible time. If you can swing the premium and losing the car would really mess things up, I’d say comp is worth it—even on a cheap ride.
I totally get where you’re coming from. People always talk about “the math” of dropping comp, but they forget how much of a pain it is to suddenly need a car and not have the cash or time to deal with it. I’ve seen folks regret dropping it after a freak hailstorm or a deer comes outta nowhere. Sure, if your ride’s truly worth next to nothing and you could replace it without breaking a sweat, maybe it’s time to let comp go. But for most people, that buffer is worth more than the few bucks they might save.
If you can’t afford to just buy another car tomorrow, dropping comp is risky. I get that saving money is tempting, but one random tree branch or a break-in and you’re out way more than you saved. I’d keep it unless your car’s basically disposable.
I get where you’re coming from, but honestly, comp can feel like overkill on an older ride. My ‘92 pickup’s worth maybe $2k on a good day—if I paid for comp every year, I’d be upside down fast. Sometimes it’s just about doing the math and accepting a little risk.
