For those of you that have don't have a loan on your vette, did you keep the comprehensive insurance or not?

 

Why on earth would you not?

 

 

Hellz yes.

 

I have an 01 c5 that is paid off as well and I have full coverage on mine! I don't see why anyone would just have liability on their vette. (unless its junk to begin with)

 

Can you afford not to? If a tree fell on it tonight could you absorb the loss? How you answer that question will give you the answer to your question...& no I'm not an insurance salesman just an old fa**.

 

You keep it to protect your money invested already , regardless of a loan requirement . Pennies on the dollar compared to a total loss tomorrow.

 

Why WOULDN'T you get comprehensive on your Vette?? Not worth the risk to go without IMO.

 

Comprehenmsive?

Fo' Shizzle!

I only cancelled comp. on my Celica after it was 19 years old and worth little monetary value.

 

Cancel it. Then just keep it in the garage.

 

Well except if the garage burns down or there is a tornado or someone breaks in and steals it...then you're screwed.

I go without collision on some of my stuff cause I can fix it for cost of parts. Plus most of mine were bought wrecked in the first place. And if someone hits me I'm gambling that I catch them & they have insurance. But comp is so cheap and covers theft, vandalism,glass breakage,fire, hitting animals (we got lots of deer here). It is so reasonable for the coverage, I wouldn't be without it.

 

 

This is a Corvette you are talking about..not some beater. Enough said!!

 

You bet I would. Vandalism, glass breakage, etc. are nice to have covered.

 

Your auto policy has three coverages:
1. Liability - your carrier pays to repair the other car when you collide with another vehicle. Your carrier also pays the doctor's bills for the injured driver of that other vehicle, or a death benefit if he was killed. Gotta have this coverage to drive in most states.

2. Collision - your carrier pays to repair your vehicle (less the deductible that you agreed you would pay out of your own pocket). Good coverage when you collide with another car, or when you hit a deer, etc., unless of course your car is a junker (my C5 with 10K miles on it is NOT a junker).

3. Comprehensive (also referred as "damage to your vehicle caused by an event other than a collision")- your carrier pays to repair your vehicle (less the deductible) when, for example your car is damaged during a hail storm, or a tree falls on your car due to high wind, etc. or when a rock from that nasty gravel truck hits your windshield. I had a $9,000 comprehensive claim once when the tread peeled off of an 18 wheeler (these are known as road gaters) and flipped right into the grill and windshield of my 3-month-old Audi A6.

You also have other coverages: medical, for example. Depending on where you live, where you drive, where you park your car, etc., comprehensive coverage may, or may not, be a good bet.

My daughter and son-in-law just had $12,000 of hail damage to their cars in May (cars were parked outside while they were temporarily storing a boat in their garage). (Had another $20,000 of damage to the roof and windows of their home, but that's another story.) Comprehensive paid them the cost to repair those two vehicles less the deductible.

Insurance is nothing more than a crap shoot when the other guy is playing with loaded dice: the insurance companies are in business to make money, so they set their premiums high enough so that the law of averages and the law of large numbers are both in their favor. [That's OK. You want the insurance carrier to be solvent and pay you when you do have a claim.] But the state insurance regulators generally require the insurance companies to charge low enough premiums (particularly comprehensive) so that they make sense for us drivers.

No - I am not in the insurance business. I have just had to file enough claims over 45 years to know that I am better off financially if I have that coverage on my vehicles.

My $0.02 worth.

 

Too many deer on the highway and hail storms here in Montana to cancel comprehensive on any of my vehicles!

 

It might be cheaper to get agreed value with a classic car insurance company. More for your money.

 

I was always under the assumption that hitting a deer would fall under comprehensive?

 

If you look at your Declarations Page - you'll see a breakdown of how much each coverage costs. After looking at the comprehensive premium, ask yourself if it's worth whatever that cost is to have no coverage for fire, vandalism, acts of nature or glass.

If you can honestly answer that the premium is worth more to you than the coverage, contact your agent and have them drop the coverage.

 

Unless you can afford to walk away from the car I certainly would keep it.