I’m currently paying $25/month for a $1000 deductible on comprehensive/collision coverage but not sure if it’s really worth it. Would keep uninsured motorist and general liability.
The truck has 125k miles and is 14 years old now. Does it make more sense to switch to just liability?
Do you know if they’ll keep covering it with comprehensive? Some companies won’t cover vehicles past a certain age. Uninsured motorist coverage is definitely important since it covers you if the other driver is uninsured or it’s a hit-and-run.
Just liability alone for me in LA is over $100 a month, and there’s no way they’d cover my old ‘96 E250 with over 540,000 miles on it.
@Aubrey
Good question. I’m with USAA in Texas, and they haven’t mentioned any limits based on vehicle age. I do have uninsured motorist coverage too.
Jackson said:
@Aubrey
Good question. I’m with USAA in Texas, and they haven’t mentioned any limits based on vehicle age. I do have uninsured motorist coverage too.
Also in Texas, and they don’t care if my 30-year-old Ranger has 9 miles or 900,000. They’d give full coverage if I wanted it.
But I stick with liability because full coverage on it just doesn’t make sense.
Everyone should have uninsured and underinsured coverage. It’s super cheap, and you’ll be glad to have it if you get hit by someone with minimum insurance.
Kit said:
Everyone should have uninsured and underinsured coverage. It’s super cheap, and you’ll be glad to have it if you get hit by someone with minimum insurance.
Good point! I’d still keep uninsured motorist insurance, just considering dropping comprehensive/collision.
@Jackson
UM/UIM is part of liability coverage. It covers uninsured or underinsured drivers. So even if you go liability-only, you’ll have that coverage. But just know if you drop comprehensive/collision, there’s no coverage for accidents where you’re at fault or if the truck’s stolen.
For an older vehicle, some states may calculate a minimum payout value based on average model prices. But for things like broken glass, it might be worth keeping a $250 deductible on comp without collision. Windshields alone can cost $300+, and comp would help with that.
A few things to consider: having some money for a down payment if it gets totaled, glass replacement if you get hit by a rock or vandalized, and free towing. I drive a ‘94 and have used glass and towing coverage a couple of times already.
@Bridget
Good points. I’m paying $288 a year for Comp/Col with a $1000 deductible. If I need a full glass replacement, I’d end up paying around the same out-of-pocket as the deductible, so I’m wondering if it’s really worth it.