- Joined
- Jul 10, 2022
- Messages
- 3,676
You’re like my parents always were—practical. They’d get a brand new Camry and liability only. I’ve got 3 cars than many would consider not very great cars (‘06, ‘07, ‘11), all full coverage $500 collision/ $100 comp and never a claim since 2010. Prior to 2010 not ever. All that money wasted.No collision, no comp here, "self insured" I suppose, but my "nice" car is a '13 GM economy car so not worth much.
OP, basically comes down to if you would rather pay the premium or pay the deductible. The odds typically says put the money in your pocket and save it for the deductible if you have a claim....which makes sense until you decrease your coverage and then suddenly have a claim.
As I pointed out my 2007 BMW was about $680/yr in 12/06. It’s a little more than that today in 2023. Yet wholesale went from about $40k+ to $6k+.
Remember insurance will collect the premium when we overinsure. They will never pay out more than something is worth. We often forget that.