Peace77
Senior Member
Joined: Dec 29, 2010 1:42:40 GMT -5
Posts: 3,931
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Post by Peace77 on Jul 6, 2014 2:30:02 GMT -5
If you are wanting to save money, consider increasing your deductible. For example, if it is $250 now, you could increase it to $500.
Comprehensive covers things thst are out of your control such as a tree falling on your car, a rock breaking your windshield or a deer darting in front of you. Driving carefully won't help these situations.
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truthbound
Familiar Member
Joined: Mar 1, 2014 6:01:51 GMT -5
Posts: 814
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Post by truthbound on Jul 6, 2014 4:13:26 GMT -5
Please tell me if this was a wise decision.
Simple equation. Do you owe more on the car than it's worth,
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suesinfl
Senior Member
Joined: Jun 9, 2011 18:02:27 GMT -5
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Post by suesinfl on Jul 6, 2014 9:37:33 GMT -5
It's been paid for for a while now.
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Deleted
Joined: May 6, 2024 16:27:12 GMT -5
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Post by Deleted on Jul 6, 2014 9:54:03 GMT -5
Please tell me if this was a wise decision.
Simple equation. Do you owe more on the car than it's worth, If you have a lien on the car, collision isn't negotiable, you MUST have it. and some loans dictate what your deductible can be.
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Deleted
Joined: May 6, 2024 16:27:12 GMT -5
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Post by Deleted on Jul 7, 2014 0:03:17 GMT -5
Sorry for not responding earlier. But thanks to the responses I’ve decided to bit the bullet and reinstate my C & C. Everyone has given me some food for thought especially the cost of replacing the car or something similar. By the way, I forgot to mention that it is a Chrysler Sebring. KBB replacement is about $3700 through a dealer. Again thank you for all of your suggestions, I’m trying to rework my budget and was thinking that dropping the C&C would help. But I do have to say, I have been overly cautious driving this weekend knowing that I had dropped the coverage. Cars must be much cheaper in FL! $6999 - $7995 are the listings for 2005 Touring models here. Glad you thought about it more and did what you felt comfortable with. I agree with increasing the deductible if you want to drop the insurance rate down a little.
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moneymaven
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Joined: Dec 26, 2010 10:05:04 GMT -5
Posts: 1,864
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Post by moneymaven on Jul 7, 2014 0:12:00 GMT -5
Please tell me if this was a wise decision.
Simple equation. Do you owe more on the car than it's worth, Actually, this is question is irrelevant. If she owed a balance on the car, she wouldn't be able to omit this coverage as the loss payee wouldn't allow it. At minimum, most loss payees require comprehensive though they more commonly require both comp and collision.
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truthbound
Familiar Member
Joined: Mar 1, 2014 6:01:51 GMT -5
Posts: 814
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Post by truthbound on Jul 7, 2014 4:56:56 GMT -5
No it's not irrelevant. Regardless of the loan you take out, if the car is not worth more than the comp will pay out you don't pay for the extra insurance.
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Deleted
Joined: May 6, 2024 16:27:12 GMT -5
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Post by Deleted on Jul 7, 2014 5:42:55 GMT -5
No it's not irrelevant. Regardless of the loan you take out, if the car is not worth more than the comp will pay out you don't pay for the extra insurance. as has been pointed out twice, if you have a lien on the car, collision is NOT optional, regardless of what is owed on it.
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suesinfl
Senior Member
Joined: Jun 9, 2011 18:02:27 GMT -5
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Post by suesinfl on Jul 7, 2014 6:09:59 GMT -5
Lilly, actually I must have made a mistake on KBB when checking the price. After rechecking, the car's trade-in value falls just above the $6000 range. That alone was enough for me to reinstate the C&C, which I did yesterday. For some reason, I really thought the car was worth less.
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truthbound
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Joined: Mar 1, 2014 6:01:51 GMT -5
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Post by truthbound on Jul 8, 2014 3:34:25 GMT -5
No it's not irrelevant. Regardless of the loan you take out, if the car is not worth more than the comp will pay out you don't pay for the extra insurance. as has been pointed out twice, if you have a lien on the car, collision is NOT optional, regardless of what is owed on it. Yes of course you have to keep it in that case. But the OP didn't say they owed anything on the car so...
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Deleted
Joined: May 6, 2024 16:27:12 GMT -5
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Post by Deleted on Jul 8, 2014 5:59:51 GMT -5
as has been pointed out twice, if you have a lien on the car, collision is NOT optional, regardless of what is owed on it. Yes of course you have to keep it in that case. But the OP didn't say they owed anything on the car so... but you keep saying is it worth more than you owe....which is irrelevant because if you owe you HAVE to have collision.
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truthbound
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Joined: Mar 1, 2014 6:01:51 GMT -5
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Post by truthbound on Jul 9, 2014 4:01:15 GMT -5
No I am not ans you know it. I just agreed you have to have it. In my earlier post I wanted to ask why someone would owe more on something than it was worth, But due to stupid forum rules hurting people's feelings is bad. So I reworded it. As a result it came out nonsensical. Now I have clarified. And no amount of baiting me to insult someone is going to work.
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moneymaven
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Joined: Dec 26, 2010 10:05:04 GMT -5
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Post by moneymaven on Jul 10, 2014 23:05:19 GMT -5
Hahaha, comical!
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