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

Best answer:

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.

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One thought on “Is it worth it to buy all the insurance coverage?”

  1. Sounds pretty good, as you stated, you can’t afford another car if this one got totaled so it is in your best interest to get collision insurance on your car for the time being. Now.. I dunno about where you live, but here, Liability has to be 300,000 MINIMUM, I have 2 million because getting sued sucks.. so just make sure the amount you pick is actually legal. (ask ANOTHER insurance company, second opinions are never bad)

    As for your deductable, I would recomend saving the extra money and bumping it up to 500 or even 1000.
    I’ll tell you why a 100 deductable is pointless:

    If you get into an accident, that is your fault, and the damages are 500 bucks, are you really going to file a claim or are you going to pay out of pocket because you don’t want your insurance rates to go up for the next 3 years…? Ya, your gonna pay it. A LOT of people will pay out of pocket for even $ 1,000 worth of damages because the rate increase over 3 years would be way more than that anyways. So you have to ask yourself at what point will you say “Man, that’s too much damage, i want to go through insurance” because that is what you really need to consider, Most accidents are small anyways, so there is no point in having a small deductable your just going to eat up anyways. Save the money and I bet even if you did get in a major accident, you would have saved enough to cover your deductable and maybe still have extra money..
    That’s just my thought.

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