: Insurance question:



caddydaddy
03-03-06, 11:26 AM
I'm debating whether to keep or drop the collision on my '94 Deville since it has 128k miles and is pretty old (in the insurance way). When a insurance company determines the value of a car when it's totalled, do they go by KBB, or??? Also do they use the trade-in value or retail price to determine it's value?

Thanks!

Ranger
03-03-06, 12:02 PM
They will use wholesale if they can get away with it. Their goal is to pay out as little as possible. You can argue and get it increased sometimes, if you can prove that you can't replace it for that. The question you have to ask yourself is, can I afford to walk away from it it it gets hit tomorrow.

DBA-One
03-03-06, 12:58 PM
My Caddy is a '92 so it's what? 14 now. I still carry comp/collision on it though. I own it outright and if it were to be destroyed I'd want something back. The CC cost very little on my policy. It is the BI and uninsured motorist that I carry that cost the most. Every quarter I pay about 50 bucks for the Comp/Collision and PIP/PD. I pay about 160.00 or so for 100/300 BI, unisured and 50/100 property damage. It's all worth it though because I'm insured every which way. If it's my fault I'm covered, some one hits me and no insurance I'm covered, blah, blah, blah.

caddydaddy
03-03-06, 03:17 PM
I'm paying about $290 a year for comp/collision with a $1000 deductible. So my theory is if the car only books for $2000, and I wreck it and total it, I'm only getting $1000. I just don't think paying $290 a year is worth that???
I'm a bit younger than you DBA-one, so I'm sure that's why I'm paying more, and my car is two years newer.

OffThaHorseCEO
03-03-06, 06:39 PM
290a year isnt high at all anyways, im payin that a month, i have comp 100 deductible collision 250 deductible, but i also have a couple of points against me,

i work for nationwide and the difference between deductibles isnt much at all, go to your agent and find out what it would cost to put 100/250 or even acv/250 deductibles on it

OffThaHorseCEO
03-03-06, 06:40 PM
The question you have to ask yourself is, can I afford to walk away from it if it gets hit tomorrow.

if it gets hit, and you know who did it, you wont have to walk away from it, their liability insurance kicks in, and covers your damages

caddydaddy
03-03-06, 10:09 PM
290a year isnt high at all anyways, im payin that a month, i have comp 100 deductible collision 250 deductible,

Is that for your 2001 Deville? Yeah, that price would make sense, but not for a car that's 7 years older and worth far less than yours.

Dadillac
03-03-06, 11:00 PM
if it gets hit, and you know who did it, you wont have to walk away from it, their liability insurance kicks in, and covers your damages
Although this is true, the other persons insurance is allowed to total it also. So it would be the same situation. Only you don't have to have the comp insurance to have it covered in this manner.

Don

thu
03-04-06, 02:06 AM
For a 94, I would have dropped comprehensive when it hit eight or ten years old. At $2000, the cost/benefit ratio is a bit high. I dropped the comprehensive on my 93 in 2000 or 2001. It just didn't make sense.

caddydaddy
03-04-06, 07:42 AM
So should I just drop comp and collision?

OffThaHorseCEO
03-05-06, 12:24 AM
if i were you id get the policy reassesed. depending on how long youve been licensed/insured continuously, a good agent can get you killer deals, try it out first, if it doesnt help, you lost nothin but time

Night Wolf
03-05-06, 12:26 AM
They will use wholesale if they can get away with it. Their goal is to pay out as little as possible. You can argue and get it increased sometimes, if you can prove that you can't replace it for that. The question you have to ask yourself is, can I afford to walk away from it it it gets hit tomorrow.

Thats exactly what I had to do with my '79.

a 1996 Civic was worth more in the eyes of the insurance.... no car, no money.... total loss.

Night Wolf
03-05-06, 12:26 AM
d-d-d-d-double post :).

Stoneage_Caddy
03-05-06, 12:57 AM
dropping it on my 94 , the car is worth nothing ....if it should be destoryed the first goal will be to make it driveable and legal , then continue to drive it in whatever shpae its in ....

it would probably look like something from mad max if this should ever happen ....

but the risk will be going down very soon , as my commute per day will drop from 60-100 miles a day to around zero (it will be 2 miles to work and school but the bus will be easier to take)

caddydaddy
03-06-06, 08:50 AM
Sounds good. My policy is up for renewal in April. So by then I guess I'll just carry liability. Full coverage for the STS though! :)

DBA-One
03-06-06, 01:48 PM
You could drop the CC, if as mentioned, you are willing to walk away from the car. However, I advise keeping high limits on BI and PD. Here in Florida if you just bump someone they need 20k or so because they are not "right" after an accident. I leave that to the insurance company and their lawyers. This is why I keep good insurance regardless of cost.

caddydaddy
03-06-06, 03:38 PM
My liability is good, I'm just looking to drop the comp and collision.

gdwriter
03-06-06, 04:49 PM
Caddydaddy, once you turn 25, your rates will drop substantially. And you're getting married soon, aren't you? That will drop them, too.

I'm a lot older (turning 40 in June), but when I bought my '91 DeVille in July, I thought about dropping collision coverage, but it would only save me about $50 every six months. True, the car has little value, but I'd like to get something out of it were it totaled. I don't have the resources to buy another car, even a $1,000 beater, which is what I was looking for when I got the Caddy for the same money.

You might ask your insurance agent (I have State Farm) what your rates will be after you turn 25 and get married. Worth checking at least.