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I have a 2009 Honda Odyssey EX-L. I have about 120k miles and its worth anywhere from $9,000 to $11,000. when is the breaking point to remove the collision? when it is worth the same amount if I had an accident? In reality, any accident repair will run from 2 to 3 grand. Plus I have a $1,000 deductible
When the cost of insurance is equal to or more than the value of the vehicle (remember to factor in the deductible as an insurance cost). You probably have a couple more years to go.
so if I have a $1000 deductible and my insurance costs around $500 per year. You are saying wait till my Van is worth $1500 before I drop collision? Seems like I shouldn't fix a car even when it is worth 3 grand and the cost of insurance is 1500.. Just doesn't seem right
so if I have a $1000 deductible and my insurance costs around $500 per year. You are saying wait till my Van is worth $1500 before I drop collision? Seems like I shouldn't fix a car even when it is worth 3 grand and the cost of insurance is 1500.. Just doesn't seem right
You're getting a deal on insurance if that's what full coverage costs you, or is that just the collision portion?
It's all comfort level. If the vehicle gets totaled or has serious damage what are you comfortable with paying out of pocket to replace or repair it? I know people who drop full coverage when the note is paid off and the car is still worth a multiple or two of $10K.
Assuming that you own the car free and clear, eliminate collision coverage whenever you are prepared to accept the risk yourself.
When my son first started driving I had a 5 year old car that was paid off and the cost of collision insurance for a 16 year old male driver was way beyond what I was willing to pay. So I gambled that he would be a good driver, I dropped the coverage, and I was correct. He never had a wreck.
Insurance isn't actually about the car, the tv, your life, etc. You are insuring against a financial hardship. If you could afford to drop $x at any time without it causing financial hardship you don't need the insurance.
Insurance isn't actually about the car, the tv, your life, etc. You are insuring against a financial hardship. If you could afford to drop $x at any time without it causing financial hardship you don't need the insurance.
Exactly this^^^^^. It's called transfer of risk. Replacing or fixing a vehicle is the easy part
yes, also but don't insurance rates go up as soon as you do a claim? so if its a $2000 accident and I have a $1000 deductible, is it even worth it going through my insurance? Therefore, it would need to be a more pricey accident to worth it? and if my car is only worth $9000 - then I am guessing $5000 would be the number. then I am putting half of what its worth back in? Just seems like it is not worth it
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