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Thread: Collision Insurance - When Do You Quit It?

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    Default Collision Insurance - When Do You Quit It?

    If you're a person who believes in buying insurance to protect yourself from your own shitty driving or fuck-ups, is there a certain point that you stop carrying collision insurance?

    Would it be after ___ years?
    After the vehicle is worth less than _____ dollars?
    After the vehicle has depreciated to ____% of new MSRP?
    After your wife or kids aren't driving the vehicle?

    What say you?

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    When you have 1 accident claim and your wife gets a distracted driving ticket. That’s all it takes for your insurance to not offer collision insurance any longer. Otherwise I would have kept it forever.

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    Sub 10k value is my line. Basically my tolerance to self insure and walk away from it.

    Much less than 10k and you are paying a fair amount of the car’s value annually which doesn’t make sense to me. Premiums do NOT linearly drop with car value.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Darell_n View Post
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    When you have 1 accident claim and your wife gets a distracted driving ticket. That’s all it takes for your insurance to not offer collision insurance any longer. Otherwise I would have kept it forever.
    Which company?

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    I thought about this the other day and I had my broker price it out for me to see if I would even save any money on my summer car. Full coverage on my 2005 mustang is $73/month and liability only was $61/month so I kept full coverage just incase I wrap it around a street lamp one day lol

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    Quote Originally Posted by Proyecto2000 View Post
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    I thought about this the other day and I had my broker price it out for me to see if I would even save any money on my summer car. Full coverage on my 2005 mustang is $73/month and liability only was $61/month so I kept full coverage just incase I wrap it around a street lamp one day lol
    Ya, and in a lot of cases collision isn't that much more than comprehensive. And to be honest, I rather pay a bit more to get comprehensive than only liability. At least you get a payout on hail or theft :P

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    Quote Originally Posted by killramos View Post
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    Sub 10k value is my line. Basically my tolerance to self insure and walk away from it.

    Much less than 10k and you are paying a fair amount of the car’s value annually which doesn’t make sense to me. Premiums do NOT linearly drop with car value.
    Im not sure you're doing the marth right on that. My wife's car estimated value is around $5g. Collision is $150 annually with $500 deductible.

    Well worth it considering a bumper replacement would be $2000+ these days.

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    Quote Originally Posted by Disoblige View Post
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    Ya, and in a lot of cases collision isn't that much more than comprehensive. And to be honest, I rather pay a bit more to get comprehensive than only liability. At least you get a payout on hail or theft :P
    Or you hit an animal, somebody does a hit and run on you, hit by a drunk or stolen vehicle. Lots of reasons to keep full coverage.

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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    Which company?
    Pembridge. And they flat out cancelled the insurance on my utv at renewal time, that my wife never uses. Thankfully Darren with Touchstone hooked me up for my toy insurance through Intact.
    Last edited by Darell_n; 04-22-2021 at 11:25 AM.

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    Quote Originally Posted by Tik-Tok View Post
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    Im not sure you're doing the marth right on that. My wife's car estimated value is around $5g. Collision is $150 annually with $500 deductible.

    Well worth it considering a bumper replacement would be $2000+ these days.
    3% of the value of your wife’s car a year. Just for collision.

    That’s a lot more than I pay for the entirety of full coverage on my cars, dollar per dollar. Marth.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    When fixed income says give it up or food.

    Full coverage -glass. FTW.

    Number of times I've seen multi thousand dollar tow bills for stolen recoveries, car fires, slid off the side of 93... May not even be your fault - but having the insurance company sort out your rental & manage the recovery/costs/estimate far exceeds the cost.

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    Quote Originally Posted by killramos View Post
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    Sub 10k value is my line. Basically my tolerance to self insure and walk away from it.

    Much less than 10k and you are paying a fair amount of the car’s value annually which doesn’t make sense to me. Premiums do NOT linearly drop with car value.
    I was thinking of making that number <$15k but I'm reconsidering...

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    I don’t have collision on my 07 mustang. So my line is pretty easy to draw.

    Mustang No
    Lexus Yes
    BMW Yes
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Disoblige View Post
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    Ya, and in a lot of cases collision isn't that much more than comprehensive. And to be honest, I rather pay a bit more to get comprehensive than only liability. At least you get a payout on hail or theft :P
    Thats true especially if you live in the NE and street park like I do lol.

    On my wifes 2012 Infiniti the difference is $40/month so was also a no brainer for me to go with full coverage.

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    The theory goes that you should not insure anything that you have the capital to readily replace, and that is a requirement for you to live/survive/work.

    If you can self-insure your car, in many ways it makes sense to do it. I run full coverage on my cars, but I probably should not. Most people pay FAR more into insurance than what their out of pocket expenses would be for the total costs of their low probability "events".

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    As a general statement less is more definitely applies to insurance.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by killramos View Post
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    3% of the value of your wife’s car a year. Just for collision.

    That’s a lot more than I pay for the entirety of full coverage on my cars, dollar per dollar. Marth.
    Regardless of what you pay on your current line-up, when a bumper replacement is $2g, $1500 after deductable, the bet is whether or not my wife will be at fault for a bumper replacement in 10y or less. While it's unlikely we would even have this car in 10 years, the odds are she would be.

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    I think you have miscalculated the “odds”.

    Because the insurance company has, thoroughly, and by definition are willing to take the other side of that bet every time. And make a profit to boot.

    The question is whether or not that $2k bumper replacement will cause you undue financial harm, and as such you are willing to pay a monthly premium to insure yourself from that outcome.

    Insurance is like fixed rate mortgages, fixed rate utilities, casinos, etc. You are betting against someone who has far more information than you do and, in aggregate, is guaranteed to win.
    Last edited by killramos; 04-22-2021 at 12:13 PM.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    "I'm self-insured" is a solid flex.

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    Quote Originally Posted by Tik-Tok View Post
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    Im not sure you're doing the marth right on that. My wife's car estimated value is around $5g. Collision is $150 annually with $500 deductible.

    Well worth it considering a bumper replacement would be $2000+ these days.
    Where are you getting collision insurance for $150 a year are you in Saskatchewan?

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