Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper Questions About Auto Insurance & Accidents
4409 messages, Last post on Nov 29, 2009 at 5:58 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
|
|
|---|---|
|
Replying to: steve_ (Dec 02, 2008 11:39 am) I suspect you're past the point. So am I with my 98 LeSabre that's worth $3000. |
|
|
Replying to: steve_ (Dec 02, 2008 11:39 am) Salvage value after crash is $750 you get this (could be more) Premium for collision is 50 you get to keep due to no ins. Deductible for collision 100 you get to keep due to no ins. Your money totals $900 so your are really only risking $1,600 w/o insurance. The above example is just that. You can work out your own using your real $ amounts. After dropping collision, make sure you have UMPD coverage and then drive more defensively & safely than before. I am. 
|
|
|
If the vehicle is worth only $2500, I would guess you could drop it...BUT, if the premium was a measly $50 per year, with a $250 deductible or less, I would still call it a cheap gamble and keep it on... Sometimes it is simply a mental trip...some folks would be severely damaged if they had to come up with the $2500 to replace the vehicle if totalled...yet, that same person may be able to budget their premium because "they have to have insurance"...so, paying the (mythical) premium of $50 makes more sense than dropping it... Kinda like whole life insurance, the worst rip-off in the entire world...but if a person simply cannot put away $20 a week in savings, but can force themselves to pay the inflated whole life premium, they will, at least, force themselves to save thru the policy...do I recommend it???...not really, but some folks can pay their bills religiously, but cannot save...so the car ins, or the whole life ins, is the best deal FOR THEM...if they could change their head trip, my recos would be different... Regardless of the vehicle or its age or value, always keep UM and Medpay, always remebering that the value of the car has NO relation to whether or not you will be injured (medpay) or need to collect for P&S from an uninsured driver (U/M)...same with rental car ins, a $25 yearly premium, but will give you 30 days  $30/day ($900 benefit) in case yours is wrecked... Further, steve, you WILL keep ins on your vehicle until I say you may drop it, or the penalties will be severe!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
|
|
|
Replying to: marsha7 (Dec 02, 2008 5:53 pm) Collision I can sort of justify - I've rarely had any life insurance coverage and I'm sure not buying any of that. 
|
|
|
If trade-in is only $1000, then I would NOt have collision or comp unless the premium was only $25 a year...
|
|
|
Replying to: steve_ (Dec 02, 2008 8:22 pm) He was a Viet Nam vet with service connected disabilities who recently died. He left a widow and a two year old Ford F250 without any life insurance or credit life insurance on the truck. She is in a financial bind because he refused life insurance and any of that. No valid reason for not buying it. What is yours?
|
|
|
Replying to: euphonium (Dec 03, 2008 12:42 pm) One of my good friends is 58, single, no kids, very little debt. It'd be a total waste of money for him. Likewise, if your spouse is able to cover the debt with his/her salary alone (should the worst befall you), it doesn't make a lot of sense unless you just WANT to. Or perhaps steve knows he's immortal.
|
|
|
Replying to: kirstie_h (Dec 03, 2008 12:51 pm) Steve, just a visiting immortal host |
|
|
|
|
Replying to: euphonium (Dec 03, 2008 12:42 pm) Because when I go, I want my wife to be REAL sad I'm gone. Besides, if I'm worth more dead than alive she might give me some assistance in "shuffling off this mortal coil". |
|
|
for having at least SOME term life is to pay for burial or cremation or burial at sea...the last thing your survivors need upon death is to pay for the cost of finally getting rid of you... If one does not have credit life or mortgage life, then at least carry a term policy to cover any debts you have... To saddle your survivors with your debt but not having your income is beyond selfish and unreasonable... Even if you are single, at least cover the cost of your disposal, unless you want to be left to rot in the woods...
|
|
You are here:
Forums
Smart Shopper Questions About Auto Insurance & Accidents
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
