I had a similar dilemma a few years back with my old Civic. It wasn't worth much, but it was reliable and I really depended on it. I debated dropping comprehensive coverage to save some cash each month, but being cautious by nature, I decided to keep it.
Then one morning, I woke up to find someone had sideswiped my parked car overnight—no note, nothing. The damage wasn't huge, but enough to be a real headache financially. Thankfully, insurance stepped in and covered most of the repair costs. Still, afterward, I did the math out of curiosity. Turns out, if I'd put aside the extra premium money each month into savings, I probably would've had enough to cover the repairs myself.
So yeah, it's tricky. If you're disciplined enough to actually stash away that money regularly, self-insuring might work out better in the long run. But if you're like me and prefer knowing you're covered no matter what curveball life throws your way, comprehensive coverage can be worth the peace of mind.
Had a similar thought process myself, but being a high-risk driver (yeah, speeding tickets...oops), comprehensive was just too pricey. Decided to drop it and stash the cash instead. Worked fine for a while until I hit a deer—talk about bad luck. Thankfully, damage wasn't terrible, and I'd saved enough to cover most repairs. Still stung though.
Honestly, if you're young, broke, and your car isn't worth much, skipping comprehensive can make sense. Just gotta be realistic about your driving habits and how disciplined you are with savings. For me, it was a gamble that mostly paid off, but I wouldn't recommend it if you're accident-prone or live somewhere with lots of wildlife or sketchy drivers. Learned that one the hard way...
Interesting take—I've been weighing this exact decision myself lately. First-time insurance buyer here, and the comprehensive vs. liability-only debate has me stuck. My car's pretty old (think early 2000s sedan), so I'm leaning toward just liability to save cash. But your deer story makes me pause, especially since I live in a semi-rural area with plenty of wildlife around.
- How did you figure out how much to stash away each month? Did you just set aside what comprehensive would've cost, or was it a more random amount?
- Also, did you ever consider raising your deductible instead of dropping comprehensive entirely? Seems like that might be a decent middle-ground option.
- And one last thing—did your insurance rates go up after the deer incident even though you didn't have comprehensive coverage at the time?
Trying to make sense of all this without getting burned later...
Yeah, liability-only makes sense for older cars, but wildlife changes things. Raising your deductible's a solid compromise—lowers premiums without ditching coverage completely. Personally, I stash roughly the comprehensive difference each month...just keeps things simple. And no, rates shouldn't jump without a claim filed.
"Personally, I stash roughly the comprehensive difference each month...just keeps things simple."
That's a decent approach, but honestly, how many of us actually stick to that plan consistently? Life happens, and it's easy to dip into that stash for other emergencies or unexpected expenses. I've tried something similar before, and it always ended up being my "oops" fund rather than strictly for car issues.
Instead, I'd suggest shopping around every six months or so. Different insurers can offer surprisingly different rates for the same coverage. Also, don't underestimate calling your current insurer directly—sometimes just asking if there's any way to lower your premium can lead to discounts you didn't even know existed.
Raising deductibles is fine in theory, but make sure you're comfortable paying that higher amount out-of-pocket if something does happen. Saving a few bucks monthly isn't worth it if you're scrambling to cover repairs later on.
