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General Automotive General automotive discussion. This is intended to be a discussion about other not VW and Diesel cars you may have or interested in.

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Old May 13th, 2016, 08:29   #1
Mass. Wine Guy
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Default Older TDIs: Collision Coverage or Not?

I have a 2001 Golf and a 2003 Jetta wagon. Both tdis. The Golf is newly acquired because our old car, a nearly identical 01 Golf tdi, was in an accident. It was still quite drivable but my insurance company totalled it and gave us around $2,000 under our collision coverage. We then sold it to Keith at KMH Motors, who had the other 2001 Golf. We paid $2,200 for it, which included a new timing belt, exhaust work and some other stuff. It had fewer miles on it, too.

My insurance is due for renewal soon and I'm thinking of dropping collision coverage. I know that popular wisdom says to drop such coverage on cars 10 years old and up. But we might not have received anything without the collision coverage. And it did basically pay for another car.


With no collision, do you just hope that the other driver's insurance will reimburse you? Suppose that driver contests it, even if the accident was their fault?


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Old May 14th, 2016, 04:20   #2
fruitcakesa
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How big an extra cost is collision?
Why not drop the coverage and put the extra cash in a rainy day fund??
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Old May 14th, 2016, 05:11   #3
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Answer these 2 questions and your problem will be solved. What is the premium on your collision coverage? How much is your car worth?
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Old May 14th, 2016, 16:34   #4
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Collision only covers damage to your vehicle in situations where you are at fault. If someone hits you and it's their fault, you are still covered. It can take longer to get a claim approved (because the fault determination has to be worked out first).

Around here, insurance premiums are very high and become exorbitant if there is an at-fault claim on your record ... this basically means it isn't worth filing a claim if you can possibly help it (e.g. in a single-vehicle situation) and that means it isn't worth having collision coverage on anything unless you absolutely cannot afford to replace it or unless the vehicle is leased or financed and you therefore are required to have full-coverage insurance on it.
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Old May 14th, 2016, 16:37   #5
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Full coverage on a 2001 or 2003 isn't worth it, IMO. The premium you pay won't justify the $4000 they might pay you if you total it. As mentioned above, even if you have it fully insured and total it, the premium increase following the claim will not be worth the payout on the vehicle. You're better off just covering the replacement cost yourself in the unlikely event that you damage your car.
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Old May 14th, 2016, 17:07   #6
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The premium on the Golf is $148, and $124 on the Jetta.
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Old May 14th, 2016, 17:44   #7
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went through this issue with my '07 Subaru and '08 Subaru. I cancelled the collision coverage after my '08 was totaled and the insurance company wrote it off for a lot less than I thought it was worth. The '08 had 135K miles on her and the adjuster said it wasn't worth repairing.
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Old May 14th, 2016, 19:14   #8
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If you can afford to pay for a different car out of pocket in the event of an accident,cancel it. I've always kept full coverage on my vehicles,and am glad I did. My 17yr. old son was in an accident day before mine-he got ticket.Didn't look like much damage to his '01 Jetta,but it ended up totalled. Bought it back and fixed it-was always driveable,but being it was a total loss, can only have liability on it now. Insurance wasn't raised when my new 6 month period started in January,unless I'm gonna get dinged when new period starts in July. For how much it costs for each 6 month period,it's well worth it to me to keep full coverage on a vehicle,no matter how old it is. If I end up getting another 96/97 Passat,I'll do same thing.....but to each his own.
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Old May 14th, 2016, 19:28   #9
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Quote:
Originally Posted by fruitcakesa View Post
How big an extra cost is collision?
Why not drop the coverage and put the extra cash in a rainy day fund??

That's the way I went....After 200,000 km I put no collision on the car.
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Old May 14th, 2016, 20:15   #10
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If you are not going to put collision or comprehensive coverage on your old car, at least buy uninsured motorist coverage in case someone with no insurance hits you.
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Old May 15th, 2016, 05:38   #11
fruitcakesa
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Quote:
Originally Posted by aja8888 View Post
If you are not going to put collision or comprehensive coverage on your old car, at least buy uninsured motorist coverage in case someone with no insurance hits you.
Mandatory in Vermont
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Old May 15th, 2016, 07:55   #12
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According to the values I got from Kelly's Blue Book for both cars in good condition, the premiums are far less than 10 percent of each car's value. Same thing if both were in fair condition. I believe this indicates that keeping collision coverage is worth it. (?)
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Old May 15th, 2016, 09:04   #13
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Quote:
Originally Posted by Mass. Wine Guy View Post
According to the values I got from Kelly's Blue Book for both cars in good condition, the premiums are far less than 10 percent of each car's value. Same thing if both were in fair condition. I believe this indicates that keeping collision coverage is worth it. (?)
Do the math...
And your accident history....then it comes down to risk tolerance... No real perfect answer..
I know we pay about 30% what mass residents pay for similar coverage in here in NH...
But if the payback for premiums vs the value of the car was 3 years, I would likely still dump it...
Having only been hit once in 20 years, I can self-insure that small risk....heck I carry a $1000 deductible...
So in my case I would be buying $1200 insurance ($2200 value-$1000=$1200) for x$ per month...
Reality is...if a $1200 bill appear tomorrow that I might be responsible for (last time I got hit, I paiid 0% and my insurance paid 0%, not at fault) I would not care....I can write a check easy.
Had a CRX as a 3rd car for many years...cost me $200 a YEAR to cover for liability only.....needless to say with a $1000 value that was all I cared to carry.
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Old May 15th, 2016, 09:40   #14
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I'm awful at math and don't understand your calculations. Thanks, though.
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Old May 15th, 2016, 17:30   #15
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I also only have a $200 deductible-much easier to deal with than coming up w/ $500 or $1000 out of pocket-the difference in price wasn't that much,at least in my case.
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