Title: City Parking and Old Cars: Is Full Coverage Worth It?
But here’s a twist—what about folks who park on the street in cities? Does that change the equation for you, or is it still not worth it?
That’s a good question. I’ve seen a lot of people drop comp/collision the second their car value dips below a certain point, but honestly, city parking throws a wrench in that logic. I had a client last year with a 12-year-old Civic, barely worth $2,500. She parked on a busy street in Philly and got sideswiped twice in six months. Both times, the other driver took off. If she’d dropped her comp/collision, she’d have been out over $3k in repairs. Instead, she paid her $500 deductible and moved on.
I get the argument about stashing the premium money instead. Makes sense if you’ve got a garage or live somewhere calm. But when you’re dealing with hit-and-runs, break-ins, or even just random vandalism, it’s a gamble. City living can be brutal on cars. The risk isn’t just about age or value—it’s about how likely you are to need that coverage, and in some neighborhoods, odds are way higher.
That said, I’m not convinced everyone needs to keep paying for full coverage forever. If your car’s a true beater and you’re comfortable walking away if it gets totaled, sure, drop it. But for folks who’d be financially stuck without a car or can’t easily replace it, I’d think twice, especially if street parking is your only option.
Location definitely matters more than most people realize. It’s not always about what your car’s worth—it’s about how likely you are to need help fixing it when something goes sideways.
Honestly, I’ve seen people regret dropping coverage after a single bad incident—especially in dense neighborhoods where street parking is the norm. Curious, do you think the peace of mind is worth the extra cost, or does it just feel like throwing money away after a while?
Honestly, I see this all the time—people think they’re saving a few bucks by dropping comprehensive or collision, then one fender bender or a break-in wipes out those “savings” in a heartbeat. Here’s how I look at it: if your car’s worth more than you could easily replace out of pocket, keep the coverage. If it’s a beater and you wouldn’t lose sleep over it getting totaled, maybe then it makes sense to drop. But in crowded neighborhoods? The risk just isn’t worth it for most folks. Peace of mind isn’t cheap, but neither is paying for repairs yourself.
if your car’s worth more than you could easily replace out of pocket, keep the coverage.
That’s spot on. I’ve seen folks drop coverage on a car they still owed money on, thinking they’d never need it… then a tree branch came down in a storm. Suddenly, “saving” a few bucks turned into a nightmare. Sometimes it’s just not worth the gamble, especially if you park on the street or in busy lots.
I get where you’re coming from, but I’ll admit—I’ve dropped full coverage on my old beater before, and it actually worked out. The thing was worth less than my last camping trip’s gas bill. Sure, if a tree fell on it, I’d be annoyed, but I’d probably just take it as a sign to finally upgrade. Guess it depends on how attached you are to your ride (and how much you trust your luck). Sometimes, rolling the dice isn’t as wild as it sounds… unless you park under a lot of trees.
