TromboneAl said:
Any tips on things to consider?
USAA's clientele has been dying off and they're expanding membership. You might want to see if you're eligible. You'd also be able to negotiate a package deal on home, personal property, auto, & liability.
A little-known company, Armed Forces Insurance, has been expanding from property insurance to auto coverage. They have the same loose membership requirements and they're trying to go head-to-head against USAA.
GEICO will give you a discount if you're a Berkshire Hathaway shareholder.
Is there any chance that your daughter will be an "occasional driver" on your policy? Some insurance companies ding you for that risk whether or not you expect it to ever happen. Of course if you take away her keys, change the door locks, and disown her they might give you a break.
We drop collision & comprehensive after five years. For those BB values, after a serious accident you'd probably go out and buy a replacement anyway and you might even save/invest enough on premiums over the next decade to pay for it. As for theft, anyone who breaks into our cars is welcome to them.
Our neighbors drove a 12-year-old minivan that was rear-ended. They were the kind of owners who washed the car every Sunday, waxed it monthly, shrink-wrapped the floormats to keep them looking good, and ran to the dealer at the first sign of any engine trouble. The only collision damage was the back hatch (crunched out of alignment) and cosmetic. I would have had it back on the road after an hour with a crowbar and a sledgehammer. However their insurance company declared it totaled, cashed them out for $2800, and took possession of the vehicle. (Its salvage value was probably $2800!) They'd been paying a couple hundred in annual CC premiums for the car's entire life and yet they were essentially forced to replace the vehicle at a much higher cost.
Many drivers keep high UM/UIM coverage for the risk of high medical bills/long-term care if their kids are seriously injured in an auto accident. If your health plan (or disability insurance) already covers you and your spouse, then with your kid out of the coop you might be able to cut back on UM/UIM.