Honda CRV 2007, average condition, 135,000 miles with little driving now…KBB & Edmund approx value $5109–5433. Geico comprehensive $500 deduct, 6 month premium $12.93…Collision $500 deduct, 6 month premium $99.21…so semi-annually for both $112…would like to lower costs…thoughts please
Clark Howard says dump collision / comprehensive if annual premium exceeds 10% of car value
2 Likes
You should insure against losses that you can’t afford.
If you can’t afford to just lay out over 5,000 for another car then keep this one insured.
4 Likes
Thank you, this makes sense for me to keep it for now. I would be able to lay out $5000 if I dropped it, but it would take a chunk out of savings/emergency expenses. Maybe I will also shop around for rates, although I have been satisfied with Geico and it’s bundled with homeowners.
Exactly correct, a one size fits all answer is a bad idea. Insurance is to protect you financially. Since we all are in a different position financially and have different risk tolerances, our “correct” answers would be different too.
2 Likes
Our collision is similar costs. Our liability and comprehensive is thru the roof