I have a 2014 Ford fusion SE that has a rebuilt/salvage title. I've been driving the car for 10 years and it's about to hit 100k miles.
I'm wondering if I should remove the collision insurance given my situation:
1) clean record (no wrecks or anything)
2) I don't really care that much about the car… My goal is to drive it into the dirt to save money as it's a nice car.
3) I have enough cash that I could always buy a new car so I wouldn't be screwed
4) $472 vs $247 premium for 6 months
Is it worth it based on my situation? I'm not really sure how to calculate the worth of my vehicle, but my estimate put me somewhere between $2,000-$4,000 if the car was totaled
Posted by Black_Magic100
2 Comments
If the car is only worth 2-4k and you’re basically paying 900/year to insure it and in 5 years you would have fully paid for its value. You’re basically paying nearly 20-30% of the car’s value every year to insure it right now.
Absolutely remove everything but liability only (but keep the liability limits high, don’t skimp on this).
1 and 2 don’t matter.
3 and 4 are what counts.
Money in the bank to replace the car.
Save about $225 every 6 months.
That’s my criteria. I drive a $4000 car and self-insure comp and collision. Have done that for 20 years or so.