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Thread: Dropping Collusion Insurance

  1. #1
    Senior Member Teacher Terry's Avatar
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    Dropping Collusion Insurance

    So we keep our cars until dead and a friend of mine used to be a insurance agent said that they drop it after 5 years. My Toyota Corolla is 12 years old with 55k miles. We have a 500 deductible and pay 465/ year for collision. BB values are between 4600-6200 for good condition but I know from past experience you never get that from insurance if itís totaled. They may decide itís only fair condition, etc. What do you guys do?

  2. #2
    Senior Member iris lilies's Avatar
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    We drop collision insurance before the value gets that low, Iím thinking around $7000 or $8,000.Itís all about what level of risk you want to take.


    Many years ago my car was stolen. DH called the insurance company to report it for the liability issue with somebody else driving it. The car was financially recovered however.

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    In the past I have called the insurance company to see what they would pay if my car got totaled and then made my decision.

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    Senior Member catherine's Avatar
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    I drop collision when the car is about 5-6 years old. My car is now 13 years old and I haven't had collision on it for years. I tend to self-insure if possible. DH has the opposite mindset. We are now debating over getting vision and dental insurance. I say by the time you pay those premiums you could have paid for a crown or an eye exam. He likes knowing he'll pay less at the doctor--he doesn't see the monthly costs like I do because I pay the bills. (A bit of a sidebar, but related.)
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Senior Member SteveinMN's Avatar
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    To date, removing collision coverage on either our 9-year-old car or our 18-year-old car would save all of $140 a year. Given that the cars are valued around $9-10,000 (together), spending even $60 a year on my car to avoid spending $3,000-3,500 self-insured without collision seems like a decent bet to place.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

  6. #6
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    This topic got me to pull out my policy and check. We have one 9 yr old car with 40K miles on it and are paying annually:
    Liability - 388
    Comp - 372
    Collision - 268
    It is the comprehensive that I question the most...but this definitely needs some updating. They give us a break on our house but looks like the make up for it on the car.

  7. #7
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    Side note on car insurance: We are retired and our agent suggested we might reduce our insurance by having a tracking device record our driving for about 3-4 months. Just finished and their online system says we will qualify for a 40% discount. Worth inquiring about. We have Nationwide.

  8. #8
    Senior Member bae's Avatar
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    “Collusion Insurance” seems like the sort of thing politicians would buy.

  9. #9
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by bae View Post
    “Collusion Insurance” seems like the sort of thing politicians would buy.
    except that no carrier would insure them, haha.

  10. #10
    Senior Member razz's Avatar
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    Quote Originally Posted by bae View Post
    “Collusion Insurance” seems like the sort of thing politicians would buy.
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

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