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is full auto insurance coverage really worth it in PA?
I've been driving around PA for a few years now, and recently I had my first real accident - nothing major thankfully, just a fender bender in a parking lot (totally my fault, ugh). Anyway, I always thought having full coverage was kinda overkill, you know? But wow, was I glad I had it this time. My deductible wasn't too bad, and the insurance handled everything pretty smoothly. Still, looking at my monthly payments, I can't help but wonder if it's really worth it in the long run, especially if you're a pretty careful driver.
I mean, sure, it saved me this time, but how often do these things really happen? I'm thinking about maybe downgrading to save some cash, but then again, knowing my luck, that's exactly when something worse would happen, lol. Curious if anyone else has had similar experiences or regrets about their insurance choices here in PA.
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3 replies
Since the parking-lot accident showed that the coverage can pay off even for a relatively minor claim, have you compared the actual annual savings from dropping collision and comprehensive with your car’s current market value? I’d also factor in the amount you could comfortably pay out of pocket if the car were damaged or totaled. If the savings are small compared with that potential loss, keeping the coverage, perhaps with a higher deductible, might be the better trade-off.
Before comparing the monthly savings, is the car financed or leased? If so, the lender or leasing company may still require collision and comprehensive coverage, so dropping them could violate the agreement even if Pennsylvania’s minimum insurance rules don’t require them. If it’s owned outright, then the deductible and the car’s current value become the more relevant trade-off.
I’d push back on the suggestion that raising the deductible is automatically the best compromise. A lower premium doesn’t help much if the deductible is more than you can realistically cover after a crash.
I’d compare each deductible with your emergency savings and normal cash flow, not just the annual premium difference. If a $1,000 deductible would force you to use a credit card or leave the car unrepaired, the lower deductible may be worth the extra cost. A higher one makes sense only when you could pay it promptly without creating another financial problem.