Originally Posted by motor_oil_madman
I paid about 25k total for my truck and until a few years ago that's what it was worth still, but now I'm thinking insurance will probably only give me maybe 10k for it if it gets totalled.
If you can come up with the $10k, maybe so, but I would likely keep the Collision coverage. What does it run annually or semi-annually for it?
Too many people...not saying you're one of them...drop collision with the idea that "the other guy will pay for my vehicle if the other guy causes the accident." I get the idea, but that's only the case IF IF IF the other guy has insurance.
No matter that it's required, we all know of too many that don't have it. Good luck ever getting that $10k from someone like that. Court, schmort. It could take years.
Case in point, I had a 1977 Chevy C-10 pickup that my daughter's boyfriend was driving (authorized driver). He got rear-ended by someone else with no insurance. My carrier (State Farm) estimated repairs with used parts, at my request, so they would not total it. But I was responsible for the $1k deductible. I kept the truck and eventually sold to the BF.
A month ago I got a check from State Farm for the $1k 10 YEARS after the incident. They put the other guy on a payment plan to subrogate the total claim cost.
Long story, yes, but carefully consider the consequences.