I get where you’re coming from, but I’ve always wondered if dropping collision is a bit of a gamble, even on an older car.
—that’s a tough pill to swallow, but what if you get into a wreck that totals it? Would you be able to replace your ride out of pocket? I kept collision on my 12-year-old sedan after a friend got rear-ended and the other driver took off. The payout wasn’t huge, but it definitely helped. Guess it depends how much risk you’re comfortable with...“the premium was almost half the car’s value”
I’ve gone back and forth on this too, especially after my cousin’s experience. She dropped collision on her old Civic because, like you said, the premium was creeping up to almost half the car’s value. A few months later, a tree branch fell on it during a storm. Total loss, and she was stuck with a car she couldn’t drive and no payout. She ended up borrowing money to get a replacement, which wasn’t ideal.
But at the same time, I get the logic behind dropping it.
—that’s wild, and it does feel like you’re just throwing money away after a certain point. I guess it’s kind of a gamble either way. I’m still hanging onto collision for now, mostly because I don’t have a big emergency fund yet. Once I’ve got more saved up, maybe I’ll rethink it. It’s definitely not a one-size-fits-all situation.“the premium was almost half the car’s value”
Honestly, I get why people keep collision, but I just can’t justify paying that much for coverage on an older car. If I’m shelling out hundreds every year and my car’s barely worth a couple grand, it feels like I’m insuring peace of mind more than the vehicle itself. I’d rather put that money aside each month—sort of my own “insurance fund.” Worst case, if something happens, yeah it stings, but at least I’ve got a cushion. Maybe I’m just too stubborn about not overpaying for stuff, but it seems like the math doesn’t add up after a while.
Cutting Coverage on Older Cars—Worth It?
I get your logic, but I can’t help but wonder if you’re factoring in all the angles. I drive newer cars—yeah, luxury ones—and collision is non-negotiable for me. But with an older car, sure, the math changes. Still, have you actually run the numbers on what it would cost if someone else totals your car and their insurance lowballs you? Or if you’re at fault and suddenly out a vehicle? Sometimes that “insurance fund” doesn’t stack up as fast as you think, especially if something happens early on.
That said, if your car’s only worth a couple grand and you’ve got enough saved to replace it tomorrow, dropping collision isn’t crazy. But what about liability coverage? That’s the one I’d never skimp on, regardless of the car’s value. One bad accident and you could be on the hook for way more than just your own ride.
I’ll admit, I’m not sentimental about cars—they’re tools to me—but I do like knowing I won’t take a big financial hit over something dumb like a fender bender in a parking lot. Maybe that’s just my risk tolerance talking. Out of curiosity, how long have you been going without collision? Ever had to dip into your “insurance fund” yet? Just wondering if it’s worked out in practice or if it’s still just theory.
Everyone’s got their own comfort level with risk. For me, peace of mind is worth paying for, but I get why some folks want to keep more cash in their own pocket. Just hope it doesn’t come back to bite you at the worst possible time...
Cutting Coverage on Older Cars—Worth It?
- Been driving my 2007 Civic with just liability for about three years now. Saved a chunk, but yeah, first six months I was sweating every parking lot scrape.
- Did the math—if I’d paid for collision, I’d have basically bought the car twice by now.
- Haven’t had to dip into my “car fund” yet, knock on wood. If I do, at least I know what I’m in for.
- Liability’s non-negotiable for me too. That’s the one thing I won’t gamble with—one distracted moment and you’re toast financially.
- Guess it comes down to how much you’d hate having to bus it for a while if things go sideways. For me, I’ll risk it to keep more cash for road trip snacks... priorities, right?