That’s a really solid point about risk tolerance. I’ve always leaned toward keeping comprehensive and collision on my cars, even though it definitely bumps up the premium. I get that for older or less valuable vehicles, it might seem like overkill—my first car was a hand-me-down Accord and I dropped everything but liability once it hit a certain age. No regrets there.
But after I bought my current car—a used S-Class, so not exactly cheap to fix—I had a pretty eye-opening experience. Last winter, someone sideswiped me in a parking garage and just took off, no note or anything. The repair bill was almost $7k because of sensors and paint matching. My insurance covered all but the deductible. If I’d only had liability, that would’ve been straight out of pocket... I think sometimes people underestimate how pricey even “minor” repairs can get with newer or higher-end cars.
That said, I do get why people want to trim coverage wherever possible. Insurance can feel like throwing money into a void, especially if you never file a claim. But it’s one of those things where you only really appreciate it when something goes sideways. For folks driving something with real value left—or if you’re in an area with wild weather or lots of theft—it makes sense to at least crunch the numbers before dropping comp or collision entirely.
I guess for me, peace of mind is worth the extra cost, but I know not everyone sees it that way. There’s no single right answer here... just depends what kind of risk you’re willing to live with.
Insurance can feel like throwing money into a void, especially if you never file a claim.
Honestly, that’s exactly why I trimmed my coverage way down. I get the peace of mind argument, but for me, paying hundreds extra every year “just in case” never made sense—especially since I’ve had more tickets than accidents. My last car was a Camry with 180k miles, and I dropped comp/collision as soon as it was paid off. Sure, if something major happened, I’d be out a few grand, but over the years I saved way more than that in premiums.
I know newer cars are a different story, but even then, sometimes the math just doesn’t add up. If your deductible is high and your car’s value is dropping fast, you might be paying for coverage that barely pays out if you need it. I’d rather stash that cash in a “car emergency” fund and take my chances. Not for everyone, but for folks who drive a lot (and maybe aren’t the luckiest on the road), sometimes less coverage is actually the smarter play.
I get where you’re coming from, but I’ve always been a little wary about cutting coverage too much. Had a buddy with an old Mustang who did the same—dropped comp/collision once it hit 200k miles. Then someone sideswiped him in a parking lot and took off. He was out the whole repair bill. Guess it’s just a gamble either way, but for my classics, I keep at least some coverage… parts aren’t getting any cheaper.
Then someone sideswiped him in a parking lot and took off.
I get what you mean about playing it safe. That story about the Mustang makes me rethink dropping coverage too soon. I’m just starting out with insurance, and honestly, the idea of paying out of pocket for something random like a hit-and-run freaks me out.
For anyone else new to this, I made a checklist: 1) Figure out what you actually need (liability’s a must), 2) Check your car’s value vs. comp/collision costs, 3) Think about how much you could afford if something happened. It’s tempting to cut back, but sometimes that “gamble” isn’t worth it.
Honestly, I get the fear—hit-and-runs are the worst. But I’ll admit, I dropped collision on my old Civic once it hit 13 years and wasn’t worth much. Yeah, it’s a risk, but the premiums just didn’t make sense anymore. Sometimes you end up paying more in insurance than your car’s even worth, you know? It’s not for everyone, but if you’ve got a beater and a decent emergency fund, it can work out. Just depends how much risk you’re cool with.
