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Tweens and Teens
Reply to "Did you keep full coverage on the car your teen drives?"
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[quote=Anonymous][quote=Anonymous]It is costly to keep full coverage, but yes we do. OTOH, for our young adult son who has his own vehicle and insurance, he does not because the value of his vehicle is so low and just about anything would total it, leaving him with probably around $1k. Really, it comes down to this. If you don't get full coverage and there is an accident that is their fault, you won't get compensation. So, you need to do a cost benefit analysis considering the residual value of your vehicle and your ability to withstand a hit of a total loss. [/quote] Thanks. I just looked up the KBB value and it’s $20k, which is insane because that’s about what I paid back in 2020. But no, I wouldn’t want to be hit with that loss, so I guess that answers my question. [/quote]
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