I own a 2009 Toyota Camry with 140k miles. The cheapest monthly premium shows $140/mo for full coverage and $92/mo for liabilty only. I’m currently paying $118 liabilty only on progressive. Is it worth getting the full coverage?
Should I pay $140/mo to get collision / comprehensive car insurance for a car worth less than $5,000?
byu/Choice-Vast-7347 inInsurance
Posted by Choice-Vast-7347
2 Comments
Considering that the difference is actually ~$48 a month (liability is required so you need to look at the difference between that and comp/coll), I would say yes
You’re a few years away from that answer being no though. If you’re saving the money to put towards a replacement car instead, that’s not the worst decision in the world
The car is worth somewhere around $4K-$6K depending on lots of factors, and then you’d subtract your deductible from that. If you have a $1K deductible and you wreck the car, you’re getting somewhere in the $3K-$5K range. Is that worth paying $600+/- per year to you? Can you afford to replace the car from savings if you needed to? If coming up with $3K-$5K would be a real hardship, it might be worth paying $50 per month for comp/coll. But if you could write that check at a moment’s notice, consider dropping the coverage.