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A tough decision, but consider the consequences...Feb 25 '01 Write an essay on this topic.The Bottom Line Do you have the money to buy a new car if you are in an accident? I consider myself lucky that when I first started to look at a new car, I knew that my insurance would go up. I knew that as long as I had a loan on my car, I would be required to have comprehensive/collision coverage on my car, so that if I got into an accident, the bank would still get their money. Aside from being required to have this insurance, I wouldn't have it any other way. I have a $250 deductible for my comp/collision. I chose this coverage, because I know that if I were to get into an accident where there was damage to my car, there is no way that I could possibly come up with anything more than that for the repairs. And if you can't pay the deductible, then you don't have a car to drive. As far as who should really purchase the insurance, you may want to consider what you paid for the car, or what it is worth now. If you could get a comperable replacement for the car for the amount of your deductible, then don't get collision. If you tend to keep a lot of things in your car, that are of value, you may want to consider the comprehensive insurance with a low deductible. If you have 2-3 thousand dollars in the bank, just in case of an emergency, you may want to consider a higher deductible, because you will have the money to cover it, and the difference in premiums could be money used in better ways. And the very important thing to remember is shop around. Look into several different insurance companies to find out who has the best rate. Make sure that you get quoted accurately, so have as much information ready to give the agent.  |
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