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Car Insurance Calls

Car Insurance Calls

I made a few phone calls earlier this week to our insurance company (USAA) to see if I could reduce our car insurance costs. They were very helpful, listing off potential things that might reduce our rates. In the end, I went with increasing our deductibles by $50, for a savings of $38.38 per year, and letting them know that my husband’s car has the VINs etched in all the windows, which saved another $8 per year.

What I’ve been debating about though, is dropping comprehensive and collision from my car. I just can’t bring myself to do it though, mostly because I can’t figure out whether or not it’s worth it to do so. I thought my car was probably worth about $1850, but the only cars like mine I can find for sale within a thousand miles of where we live are all going for $3000 or more. A few are even going for more than $10,000, which I find amazing. The 2nd person I talked to at the insurance company said that many people drop it when the car is 12 years old or worth less than $5000.

I’ve also heard that a good rule of thumb is to drop comprehensive and collision if the cost of comprehensive & collision is more than 10 percent of what you would get if there was a total loss. Even using $1850, I’m hovering right around 10%. So, I don’t know. The hard part is that there’s doesn’t appear to be an easy way to figure out what you’re likely to get if there is a loss, without there being a loss. And I certainly don’t want that to happen!

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  • My son trashed our Ford conversion van in Feb. I had just reduced our coverage to cover us only if we hit someone else, as I am getting divorced.He did $7,000 worth of damage. Result: My business collapsed (I needed the van for that). We (2 small children and I) live in the middle of nowhere so I’m now begging rides to the store. I can’t work without transportation so every day is a struggle to survive. Don’t reduce your car insurance unless you know you can afford to replace the lost car from savings.

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