Insurance: do y'all have collision coverage?

[Jay 535i]

I don't know how it works elsewhere, but in Ontario "collision coverage" is optional. That kind of coverage reimburses you if you're in an at-fault accident.

I don't have it. It costs ~$1000/yr, and considering my car is only worth about $6500, I opt out. Furthermore, if I made a claim following an at-fault accident, my insurace premiums would double, making the $6500 I'd pocketed from a settlement seem puny. I still get reimbursed, though, if someone rear-ends me or I'm in some other kind of not-at-fault collision. That's not part of "collision coverage".

Seeing all the wrecks on here lately is making me reconsider. But I tell myself that there's no point, because I would never make a claim for an at-fault accident for fear of what it would do to my premiums. I'd rather lose the car than see my premiums and perfect record go out the window. I remind myself that "insurance companies do not lose money -- ever". Any money they give me they'll take back fivefold over the coming years.

I'm wondering how other people handle this. It sounds like everybody has collision coverage 'cause they're HOPING for write-offs. What's the deal?

When you're making the "do I accept a total loss or do I part it out" decision, do you factor in the increased insurance premiums that follow a claim?

[dacoyote]

I only have it because I have to....

[Incantation]

i have it

[Jay 535i]

@ dacoyote: why?

@ incantation: why?

[632 Regal]

I changed insurance companies, put my truck coverage to "storage" and have full on the bimmer, dropped the cost in half.

I figure if it gets totaled ill get something for it and can use that towards another one...

[dacoyote]

@ dacoyote: why?

Bank still owns part of it...

[Jr ///M5]

In the States, we call it Comp and Collision. The Comp or comprehensive coverage covers things like deer, hail, etc. The collision part covers damage to your car and others, damaged by you. Then there is liability insurance, the cheapest of all, it will only cover the other guy if you are at fault. There are different levels of C/C insurance that you can opt for, and puts limits on the claim amounts. They say you need $1,000,000 in coverage these days...

Then there's the case of the uninsured motorist. The deadbeat that has no insurance and plows into you. Your premiums on C/C pick up the tab on that too. It's a law to have insurance in most states, but there are the ones that put everyone at risk by not carrying any.

I'm paying almost $2000 a year for 3 drivers and full coverage for a '01 525, a '91 318iS, a '93 190e Mercedes and of course the '91 M5 all carry a $250 deductible. The boy gets his license in February, so I expect that cost to rise considerably. Now I'm thinking of buying him a pair of roller skates and a dog to drag him around with....remember that pony you asked for years ago, well, here it is!!!..

[dacoyote]

.....The boy gets his license in February, so I expect that cost to rise considerably. Now I'm thinking of buying him a pair of roller skates and a dog to drag him around with....remember that pony you asked for years ago, well, here it is!!!..


HAHAHAHA.... One of my friends just bought his 18 year old son a 6banger mustang... I think he is 200 a month just for state min lib only

[Jay 535i]

In the States, we call it Comp and Collision. The Comp or comprehensive coverage covers things like deer, hail, etc. The collision part covers damage to your car and others, damaged by you. Then there is liability insurance, the cheapest of all, it will only cover the other guy if you are at fault.

Same here in Ontario. Comprehensive is cheap and I have it. I opt out of collision because any claim I make using that coverage will put my premiums through the roof.

[Jr ///M5]

Lots of things affect the cost of insurance, if you're married, homeowner, even your credit rating and what you do for a living has an impact on the cost.
You just don't want too much of your butt hanging out there in case something happens that could ruin you or your family financially.

[angrypancake]

I didn't have it on my last car, and wrapped it around a tree. Was a total loss, and when you're out ~5500 and a college kid, it hurts. Needless to say I have it on the current car.

[Gayle]

Hubby and I have always had full insurance even before we were married. I think it is because we have bought so many cars new and then just kept them for 10 years. (We like the fleet theory--3 or 4 cars for 2 people). The cost of the insurance goes down as the value of the car goes down so it didn't seem like a big deal.

One of my early insurance experiences was with a Karman Ghia that was my first car. I let the insurance lapse for a week and totalled it during that week (my fault). That had a definite influence on my insurance behavior. Have stayed fully insuranced since and have not caused any wrecks since. Have bit hit twice, but haven't hit anybody or anything since. How is that for superstition.

My mother was hit this year in her 89 Cady. By shopping around she was able to get it fixed for what they paid her (I think $2200) and avoided it being totalled. I don't know if that was a good return on her premiums or not because I am not sure what she pays.

I saw a suggestion once that every time you buy an appliance/electronic device that you put what the extended warranty would cost into a separate savings account. I don't remember the exact amounts but it seems like in 5 years you rack up thousands and it costs you hundreds to fix/replace what breaks. For you Jay, that might be the way to go with what you save on the full premiums.

We have been so amused by the Geico commercials for the last year we finally called them for a quote. It dropped our premiums 15%. We switched and have been happy.

[scott540]

got it on both the car and our van. $1000 deductibles though. I figure it's not worth sumbitting claim if under that since the premium will go up anyway

[632 Regal]

Hey Jr, from what my new insurance guy told me...uninsured motorists are the people in your car besides yourself, say you drive over a parking curb and some crabby old lady in your back seat pees herself and sues you, you are covered.

[Cactuar]

I'm in Quebec, don't have it. Because of my age if I would take that kind of insurance it would be well over 2,500$ a year (I got a quote). It's a risk I'm willing to take...

[Kalevera]

I have full comprehensive/$250 deductible and ridiculously high limits on both of my cars.

I figure...it's ~ $160 a year to know that even if I **** up, I'll get something back.

best, whit

[pundit]

I have full comprehensive on mine.
About $580.00 AUD per year with a $700.00 excess.

[Jay 535i]

I just got a new quote today because my wife started a new job and gets in on the group rate.

My car with collision coverage: $1013/yr
Without collision: $755/yr

So, the coverage doesn't cost a lot more. If I made a claim, that would take me from six stars to five, whatever that means (this is what Insurance Lady told me). My premiums would go up, but not exponentially. I'm thinking about taking the coverage, just so I can have peace of mind and know if I wreck the car I can replace it.

Any more thoughts on the su'ject?

[632 Regal]

YES! Get some POS dead car to park somewhere, put it on the policy for multiple car discount and have that car covered as "storage vehicle"

Thats how I cut my rates in half...from 1800 yr to 900.00 (I have bad credit, divorced 2 times and owe a buttload of money)