Quick Answer: Is comprehensive car insurance worth it Reddit?

Is it worth getting comprehensive car insurance Reddit?

The total loss amount of your vehicle is usually the value of the car right before the loss (often times less the the depreciation accrued). … 10% of (the value of the car + your deductible) is the rule of thumb. So if you have a $500 deductible, comprehensive stops being worth it around $290 per year.

Is it worth getting fully comprehensive car insurance?

Not only could comprehensive insurance be cheaper than paying for third party cover, but if you get into an accident, your insurance company will pay for the damages to your vehicle. You may receive compensation when the fault can’t be proven too. … Without comprehensive cover, you would have to pay for any repair work.

Should I drop comprehensive coverage Reddit?

Well, if you have the money to replace your car in the event you cause a collision and you don’t mind taking that risk, drop that coverage. It’s definitely a significant cost. Comprehensive seems worth keeping unless your car is securely garaged constantly.

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Do I need comprehensive and collision insurance Reddit?

I recommend you keep collision for a few years at least, until your car depreciates more. … Collision: If you are at fault in an accident, the collision coverage will pay for the damage to your car. Comprehensive: If your car is damaged by something other than a traffic accident, this covers the damage.

When should I drop collision insurance?

You should drop your collision insurance when your annual premium equals 10% of your car’s value. If your collision insurance costs $100 total per year, for example, drop the coverage when your car is worth $1,000. At that point, your insurance payments are too close to your car’s value to be worthwhile.

What does comprehensive coverage include?

Comprehensive coverage pays to repair or replace a covered vehicle that’s stolen or damaged by something other than collision or rolling over. For example, damage caused by fire, wind, hail, flood, theft, vandalism, falling objects, and hitting an animal is covered.

Can you drive someone else’s car with comprehensive insurance?

Driving Other Cars (DOC) insurance isn’t usually included as part of a fully comprehensive policy. Unless your policy states otherwise, you’ll only be able to drive your partner’s car if they’ve added you as a named driver or have a family or any driver car insurance policy.

Should you get comprehensive insurance on an old car?

The standard rule of thumb used to be that car owners should drop collision and comprehensive insurance when the car was five or six years old, or when the mileage reached the 100,000 mark.

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What are the 3 types of car insurance?

What are the different types of car insurance?

  • Liability coverage. …
  • Collision insurance. …
  • Comprehensive insurance. …
  • Uninsured motorist insurance. …
  • Underinsured motorist insurance. …
  • Medical payments coverage. …
  • Personal injury protection insurance. …
  • Gap insurance.

Should I drop full coverage on my car?

You should think about dropping your full coverage insurance policy if: … Your car is worth less than the cost of your full-coverage policy. Coverage.com recommends checking the value of your vehicle against your monthly premiums when making this auto insurance decision. You have relatively high risk tolerance.

When should you drop full coverage on a car Reddit?

A general rule of thumb is that if your premiums exceed 10% of your current car’s value after deductible, then its time to drop full coverage.

When should I drop comprehensive and collision Reddit?

Hitting an animal or anything for that matter while moving falls under collision. Comprehensive is limited to theft, or say the car is in a garage that burns to the ground. Hitting an animal is a comprehensive claim. If you swerve to miss it and crash then it’s collision.

Should I get collision insurance on an old car Reddit?

Definitely keep comprehensive coverage no matter what. Financially, you’re probably fine without collision. But something to keep in mind – collision coverage isn’t just about the cash. It also gives you the ability to collect damages through subrogation.

What is collision and comprehensive insurance?

Collision Insurance covers damage to your vehicle in the event of a covered accident involving a collision with another vehicle. … Comprehensive car insurance pays for damage to your vehicle caused by covered events such as theft, vandalism or hail, which are not collision-related.

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What is comprehensive insurance Reddit?

Comprehensive covers everything, it covers you vehicle in a collision, covers fire, theft, glass ect. Collision covers the replacement cost of your vehicle in a collision. Public Liability covers only other people. Their injury claims, damage to their property or vehicles. 0.

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