Comprehensive and Collision Insurance Worth It?

So collision only covers the damages caused by oneself?

 

and others. comp is stuff like trees, deers,etc

 

Anything under $5000 I wouldnt consider turning into insurance anyway. So I don’t see the reason to have your deductible any lower. That’s just my thoughts and how I do it. Some companies won’t let you go over $2500, can’t remember on Progressive. Still, $2500 over $1000 helps them to know they won’t get nickel and dimed to death.

 

I'd be wary about declining comprehensive. Coworker of mine had his old beater car stolen out of his driveway. Thief ditched it in a no parking zone. Got a parking ticket and then it was towed and impounded the next day. Almost 2 weeks later he was notified his car was in impound. He was on the hook for the ticket, towing AND impound fees. He was really lucky the towing company was sympathetic and cut him a decent break on the impound fees. Had he had comprehensive coverage the insurance company would have covered those costs as they were incurred due to the theft.

 

You might want to rethink that. It only takes a second to have a complete loss. Someone's shoddy electrical work that happened before you even owned it. And poof. Your out a truck. Yup. It was mine.
Edit. Evn with insurance you can get screwed. I bought the truck needing work. Did 10 tires, clutch, rebuilt APU, 2 New seats and more I can't remember sunk into it first few months...
Then.....

 

Wow. Not good. Did insurance take care of you on it?

I only did it because my first truck cost $12,000 and the savings were worth it. It was a 91 T800 in 2008.

 

Insurance went by what I paid for it and "actual cash value" so I lost all the money I put into it and some.

 

I don't understand how the insurance works with the actual value or insured value vs what they payout.

I'm going to have to talk further with the agent who's going to write my policy, but I spoke with a bunch of Agents previously, and the consensus seemed to be that whatever value you insure your truck at doesn't mean they're going to give you that value if the truck is totaled.

Does that make sense to anyone?

 

That sounds criminal. So you can have a 100k policy that you pay for & they might only cut a check for 75k? That sucks.

 

Most policies are based on the specific make, model, and year of the vehicle. As the vehicle ages, the collision and comprehensive premiums theoretically go down as the value decreases. What you would recover from a total loss would also decrease; it would be the present value at time of loss based on Blue Book or similar.

I say "theoretically" because most companies base the cost on experience of repair costs and claims, and the premium may not drop that much. However, it will be less than a newer vehicle of the same type.

There are some policies from some companies for "declared value". These are antique and show vehicles which see limited use and are appraised as an antique or show vehicle (think 1970 Hemi Roadrunner, etc.)

I do not know if this can apply to antique trucks as well such as a 60's GMC or early Diamond Reo. I would think so as insurance is a business and there is a market.

That is a lot of words just to say that if you have a vehicle that is $75K in value, that is the basis of what you will be paying, not a $100K basis.