Collision Insurance

[Anonymous]

My auto insurance is ridiculously high. One of the cars, used by my son at college, has 100k miles. It is a well maintained Toyota and may have another 100k miles. My question - would you drop the collision coverage on this car to save 1,500 a year? It is worth about 12k.

[Anonymous]

What's your deductible on it? You may be able to raise it pretty high (say to $1500 or $2k) to reduce the price without dropping it outright. With a college-age driver, the odds of damage are higher than average.

[Anonymous]

I did this for my son's car with more miles and less value. He totaled it after 6 weeks. Hind sight is great. My insurance person said we made the right decision statistically but obviously not in our case.

[Anonymous]

Collision coverage for a regular driver for a 12k car should not be more than a couple of hundred per year. Like a PP said, see if a high deductible can bring the price down. I have a 5k car that my teen drives and I don’t have collision

[Anonymous]

Anonymous wrote:Collision coverage for a regular driver for a 12k car should not be more than a couple of hundred per year. Like a PP said, see if a high deductible can bring the price down. I have a 5k car that my teen drives and I don’t have collision

Rates for males under 26 are brutal.

[Anonymous]

Of course not!

[Anonymous]

If you can stomach a $12k loss without much damage to your financial or emotional health then drop it. The odds are in your favor.

[Anonymous]

We don't have collision on the car our teens drive (an Accord almost 20 years old!)

[Anonymous]

If you can afford to replace the car is more important than the value of the car, IMO.