accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
I am wondering at what point it's a good idea to forego collision coverage, or at least increase the deductible. I have a 2000 Toyota Celica that is worth around $10K Canadian. My deductible is $200 for collision because I have been claims free (originally $500). If I increased this to the next step up at $1000 I would save $70 a year in insurance, however I would not be eligible for the reduced deductible. In other words my deductible would go from $200 to $1000 with no chance of going lower ever. For this I would save $70 a year. What do you guys think?
Also, should I even be carrying collision coverage on my vehicle since it is getting so long in the tooth? I pay $460 a year for collision right now which is close to 5% of my vehicles value. At some point I should probably drop collision coverage.
Raising my comprehensive from $250 to $1000 results in a $7 per year savings so I am not touching that one.
Thoughts?
Also, should I even be carrying collision coverage on my vehicle since it is getting so long in the tooth? I pay $460 a year for collision right now which is close to 5% of my vehicles value. At some point I should probably drop collision coverage.
Raising my comprehensive from $250 to $1000 results in a $7 per year savings so I am not touching that one.
Thoughts?
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