I've been evaluating whether to maintain collision on my 05 RL with 120000 miles. It's KBB value for private seller is $7900. To make matters worse it has a salvage title. Yes, I know all the negatives about buying a salvage title and a biggie is the insurance company will only value the car at about 50% of retail value. But this car has been awesome and I stole it with no problems other than recommended maintenance since I bought it with 40k miles five years ago. I love the car but am realizing there may be no need to maintain collision seeing the insurance co. will only prolly reimburse up to maybe $3900. I'm paying $1000 a year for collision. Hard to believe this incredible $54000 car when new is now not worth insuring. It is ten years old but you would never know it. It doesn't make sense. God I love this car but see no point in believing the insurance company feels the same. I not gonna sell it and will drive it into the ground cause it's a great car. I started this thread thinking I'd get advice about insurance but I think I answered my own question. I am a proud owner.

 

I have never considered having anything less than comprehensive on my cars, but I understand your logic. What is the difference in price if you only carry liability? If you make that switch, can you safely set aside the saved money in case the worst happens? How long will it take to save up enough to cover the cost of a collision and what will you do if one happens before then?

I think these are the important things to consider in order to make a wise decision.

 

I currently have a car that is worth around $1k that i carry full coverage on simply because the cost savings to not have full coverage just doesnt warrant not having it.....if something were to happen that was my fault. With that said, my cost savings isnt $1k a yr, its closer to $100 on that particular vehicle. I hate paying for insurance, but thats another thread.

 

If your car is only worth 50% to them, why dont they lower your rate 50%?

 

Does the cost of neck surgery go down if a Yaris hits me versus an S550?