I hear you on the “comfort level” thing. I kept full coverage on my old Corolla way longer than most people probably would’ve, just because I drive through some pretty questionable neighborhoods for work. Had a buddy who dropped his coverage as soon as his car was paid off, but two months later some guy sideswiped him in a parking lot and took off. He was kicking himself for not having comp/collision—ended up shelling out more than he saved.
I think it really comes down to where you park and how much you rely on your car. If you’re like me and your car is basically your second home (hello, endless traffic), losing it would be a nightmare. I’d rather pay a bit more for peace of mind than gamble with my ride. But yeah, once your annual premium is creeping up on your car’s value, it gets tough to justify. Still, I’m not brave enough to roll the dice just yet… maybe one day.
Man, I totally get where you’re coming from. I’ve had the same debate with myself every time my car hits another “milestone” birthday. My Outback’s pushing 200k miles, and I still keep full coverage on it, mostly because I’m always out on the road—sometimes in the middle of nowhere, sometimes in sketchy parking lots at trailheads. It’s not even about the car’s value at this point; it’s more about not wanting to deal with a huge headache if something happens far from home.
One time, I was camping upstate and came back to find a nice new dent in my rear quarter panel. No note, nothing. If I’d dropped comp/collision, that would’ve been all on me. Instead, insurance covered most of it (minus the deductible), and I was back on the road in a couple days. That peace of mind is hard to put a price on when you’re relying on your car for everything from work to weekend escapes.
But yeah, there’s definitely a point where it starts to feel silly paying almost as much for insurance as your car’s worth. I’ve got friends who swear by just carrying liability once their cars hit a certain age or value, but honestly? I’m not sure I’ll ever be that chill about it. Maybe if my commute was just down the street or if I didn’t have to park in random places all the time... but for now, I’d rather pay up than risk being stranded or out a few grand.
Curious—do you ever factor in how much you drive or where you go when you’re deciding? Or is it more about just feeling secure no matter what? For me, it’s definitely tied to how much my car is part of my daily life. If it disappeared tomorrow, I’d be scrambling big time.
Honestly, I get the peace of mind thing, but at a certain point it just doesn’t add up for me. Like you said,
That’s exactly it. If my car got totaled tomorrow, insurance would barely cut me a check after the deductible anyway. I’d rather stash that extra cash in a “car repair/replacement” fund and just roll with liability. Maybe I’m just cheap, but I’d rather take my chances than keep feeding the insurance machine every month.“there’s definitely a point where it starts to feel silly paying almost as much for insurance as your car’s worth.”
Honestly, I’ve been thinking the same thing. It’s wild how fast those premiums add up, especially when your car isn’t worth much anymore. I get wanting to play it safe, but sometimes it just feels like throwing money away. Your “car fund” idea actually makes a lot of sense to me.
Your “car fund” idea actually makes a lot of sense to me.
I’ve done something similar for years. Once my car hit about 10 years old, I dropped comprehensive and collision. The math just didn’t add up anymore. Instead, I started setting aside what I would’ve paid in premiums—turns out, it grows faster than you’d think. That said, liability is still non-negotiable for me. It’s just not worth the risk to go without it, no matter how old the car is.