Probably, but what was the premium and the deductible, and what would it cost to replace this vehicle with one that's comparable?I've got a 10 year old Toyota Corolla that I just removed collision/comp from.
Smart move?
A good move and, as already has been said, maybe you should have done it earlier. At this age almost any accident that even damages the car lightly would have resulted in the insurance adjuster "totaling" it and paying you only the current "value" (which is probably pretty low by now). If you have a worry about liability maybe a good Umbrella policy should be considered - they are very reasonable and they also usually require the the auto liability level be increased to a level of about $300K which is usually very reasonable in cost.
This is one more reason why I want to move north for ER.
You are so lucky to be able to get an umbrella policy! Due to Katrina, Allstate and other major insurers won't sell them here at any price despite no claims and near perfect credit and payment history on my part. This is one more reason why I want to move north for ER.
Want2Retire: I did not know you could not get a Umbrella in LA - Sounds strange but I do not doubt you. The last one I got was with USAA and they did require me to raise the Liability on the Car and the Home (In Florida) to $300K in conjunction with the Umbrella (which BTW was $1MM at $150 a year premium). One of the conditions of the umbrella is to maintain that level of liability on the car and home or no umbrella.
I would think that insurance companies would offer umbrella policies in New Orleans. May be at a much higher price than normal, but even New Orleans has successful businesspeople with significant assets that need protection.
I also don't understand the connection between Katrina and umbrella insurance. Umbrella insurance only covers liability (correct me if I am wrong) so what liability is created by flooded homes?
what liability is created by flooded homes?