Is collision worth it?

[Brent]

I got my renewal today from ICBC for my truck. If i keep all the same stuff as last year my total bill will be $ 2002 a year or $176/month. $714 of the $2002 is OPTIONAL INSURANCE (collision , comprehensive, roadside plus).

If i don't get all the optional insurance my monthly payment will go down about $60 a month.

My Jeep has 250,000 km on it and maybe worth $3000-$4000. I only plan on keeping it two more years.


Should i keep the collision or save a few bucks ?

[waltman]

If it's only worth 3-4k, then no don't bother with collision.

[d0ubledown]

i would ditch comp & roadside plus. put your collision at the highest possible deductible and it should go down a bit.

alot can happen in 2 years...i'd rather be covered if i hit someone or if someone hit me...at least youd get something back...


...or if youre a gamblin' man...just go with bare bones $1M liability.

[waltman]

i would ditch comp & roadside plus. put your collision at the highest possible deductible and it should go down a bit.

alot can happen in 2 years...i'd rather be covered if i hit someone or if someone hit me...at least youd get something back...


...or if youre a gamblin' man...just go with bare bones $1M liability.

You would ditch comp? That covers you for fire, theft and vandalism, that is one thing I highly recommend. I've used that insurance several times. My first Bronco was vandalized so bad it was written off and I got my money back and then some for a deductable of $300.

Collision only helps you if the accident is your fault, they will fix your vehicle but your insurance will go up and the accident cost will be spread over a few years on your premiums and you will end up paying more than the actual cost of repairs.

With no collision and you hitting someone, your vehicle is not covered but the other vehicle is .

[Dan]

I got my renewal today from ICBC for my truck. If i keep all the same stuff as last year my total bill will be $ 2002 a year or $176/month. $714 of the $2002 is OPTIONAL INSURANCE (collision , comprehensive, roadside plus).

If i don't get all the optional insurance my monthly payment will go down about $60 a month.

My Jeep has 250,000 km on it and maybe worth $3000-$4000. I only plan on keeping it to more years.


Should i keep the collision or save a few bucks ?

The question is, if you should have a serious at-fault accident that wrecks your Jeep, can you afford to live without it or replace it immediately?

I'm sure you're the greatest driver in the world and it simply isn't possible for you to have an accident that is not your fault, but ICBC is not always fair, you could be falsely blamed for an accident that renders your Jeep worthless, can you afford to throw that $3000-$4000 away?

If the answer is yes $4000 means nothing to you, then drop the collision insurance,

in my case, I dumped my truck in a ditch a few years ago, sure it wasn't worth anything so I didn't have collision insurance, but I suddenly didn't have a truck that I could drive and didn't have the money to buy another one right away. I buy collision insurance now

[westcoaster]

I think if you look at the breakdown of what each item costs, I think you'll find collision really isn't that much money to buy.

[frank]

The way I look at it: my jeep isn't worth anything much in ICBC's eyes, certainly not what it's worth to me, and not what it would cost to replace. Therefore I don't carry collision. Why pay several hundred a year if they aren't going to give me much anyway? Instead put I that money in a rainy day fund (this means I don't spend it, I save it!) and when I need it, like if I smack my jeep up, it's there.

I carry partial comprehensive, that would be fire and theft. I wouldn't bother except that I have had a vehicle stolen, and it made me leary. It's relatively inexpensive peace of mind. I don't bother with glass. I replace my windshield about once a year, costs around $120 installed, versus $200 deductable, so glass doesn't make sense, unless I get the urge to bust all the windows at once.

That's my take.

[canucksafari]

Because I do a lot of winter highway driving for work and I live in Abby, I would keep the comp and ditch the collision. I use to go through windshields almost every year and now it is every two years because that is all I am allowed. B&N damage can add up pretty quick also.

[Dan]

[QUOTE=frank;811846] Instead put I that money in a rainy day fund (this means I don't spend it, I save it!) and when I need it, like if I smack my jeep up, it's there.

[QUOTE]

Perfect!

Of course, I know I couldn't actually leave that money alone.

[smac]

keep the comp that gives you windshields, theft, fire etc.

as for as collision. look at it this way. most likely claiming a crash will cause your insurance to go up more then $4k (over the next 5+ years). so if you crash your car into a ditch / pole etc. it's cheaper not to claim it anyways, keep the discount and buy another car. so buying collision would be a waste of money

however if you hit somebody else and cause decent damage, you'd have to make the claim and lose the discount in order to get theirs fixed. no collision = your car isn't fixed. collision = your car is fixed.

[1lochev]

id say if your truck isnt gona fetch much in the event of a write off then dont worry bout it. My trucks so far have all been worth at least 10 grand so collision was a no brainer but comp would be stupid to turn down no matter what the vehicles worth. ive had my truck 4 months and i already got 2 rockchips.

I also wouldnt agree with upping your deductable. my buddys mom crashed her van and had a 1000 dollar deducatable. thats a lot of money to spend compared to what it costs for the 300 dollar deductable.

[frank]

[QUOTE=frank;811846] Instead I put that money in a rainy day fund (this means I don't spend it, I save it!) and when I need it, like if I smack my jeep up, it's there.

[QUOTE]

Perfect!

Of course, I know I couldn't actually leave that money alone.

I guess that depends on your personality.
On average they tell me that us Canadians have lots of debt and little savings. This is why many of us will be sucking wind in a recession. I don't like being average, and I came of age during a recession. Not having money sucks.

I use a seperate bank account, which charges exorbinate withdrawal fees for more than one withdrawal per month, and no interac on it obviously. The money goes in as soon as I get payed and then I forget it's there.

[Bronco Boy]

Keep it, it is a small price to pay now for the coverage later.

[mabb]

Has anyone mentioned checking out the competition? For "extended" coverage, ICBC isn't the only game in town. It might be worth getting a quote or two from the other guys before you decided.
Even though ICBC subsidizes their "extended" coverage with hiked mandatory rates.

[Bronco Boy]

Has anyone mentioned checking out the competition? For "extended" coverage, ICBC isn't the only game in town. It might be worth getting a quote or two from the other guys before you decided.
Even though ICBC subsidizes their "extended" coverage with hiked mandatory rates.
I wasn't going to mention it as I've preached about it a lot in the past, but......

I've had private cover since 1990. Will never go back to ICBC, other than for what I have to.

[1lochev]

I dont have personal experience with private coverage but at the shop i work at, the private companies are a bitch to deal with. Always trying to cut corners to save a buck or trying to void insurance.

[Bronco Boy]

I dont have personal experience with private coverage but at the shop i work at, the private companies are a bitch to deal with. Always trying to cut corners to save a buck or trying to void insurance.
I can see that if the company has made lots of claims, but that sure hasn't been my experience with my carrier. They paid me out for my stolen car, and not once did they accuse me of doing it. What a treat.

And just to be clear, I've never had an accident, and my license is as clean as a whistle, just done a few windshield claims. I'm sure that has a lot to do with it too.

My agent even comes to my house or work to deliver my insurance papers. Very good service. PM me if anybody wants a referral.