Is it worth it to buy all the insurance coverage?
Question by C F: Is it worth it to buy all the insurance coverage?
Here’s the deal. I just bought a used Honda Accord, 1996, I guess Good condition and only 135000 miles. It blue books retail about 4 grand. If something happened to my car I CANNOT replace it as I used my savings to buy it. Now I have a decent job so after 6 months, I could have that money back plus some depending how much I decided to save. So I am buying insurance 6 month policy and wondering if it’s ok for now. Of course after I have another nest egg, I might make adjustments. So Here is what I was considering adding with the prices for each piece. It’s ok to tell me I’m wrong if you think so. Just tell me why so I can consider your side. The prices are for 6 months at a time. Oh and I chose $ 100 deductible because the difference was minimal (I believe less than $ 10-20 between that and the $ 500. )
Uninsured/Underinsured Motorist Bodily Injury $ 50,000 each person/$ 100,000 each accident – $ 13
Liability To Others (Bodily Injury Liability $ 50,000 each person/$ 100,000 each accident/Property Damage Liability $ 50,000 each accident) – $ 229
Medical Payments $ 5,000 each person – $ 8
Comprehensive (with Window Glass $ 0 deductible) Actual Cash Value $ 100 deductible – $ 38
Collision Actual Cash Value $ 100 deductible- $ 79
Rental Reimbursement up to $ 30 each day/maximum 30 days – $ 16
Roadside Assistance – $ 8
Total premium for 1996 HONDA – $ 378
Total 6 month policy premium, with paid in full discount $ 391
Answer by Wolf
I had an $ 800 car for awhile and decided the comp and collision was more than the car with a $ 500 deductible.
It truly depends on the value of the vehicle. But if not making payments at least get everything else. ESPECIALLY uninsured motorist.
What do you think? Answer below!
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