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I own a 1992 Toyota Paseo. No idea official BB value, I'd estimate like $3,000. Thing is, it's in beautiful condition; I bought it from a guy that completely rebuilt it, put a "new" Tercel engine in it, reupholstered the interior and everything. Only like 90k miles on it and it's a champ.

I own it free and clear and do all of the maintenance on it myself (so far regular oil changes, both front and rear brake jobs, double front axle replacement, exhaust replacement).

My current insurance policy is $153 every 6 months. I have multiple discounts: 3 year safe driving, advance quote, paid in full, 5 year accident free, continuous insurance: platinum.

Now, my current policy is broken down as follows:

$100 - Bodily Injury, $50k/person, $100k/accident, $50k/property
$0 - Medical Pay (don't have it)
$15 - Comprehensive ACV with $250 deductible
$25 - collision ACV with $500 deductible
$5 - uninsured $100k/person, $300k/accident
$8 - underinsured $100k/person, $300k/accident

I'm considering getting rid of collision. My reason being that anything over $500 would probably total my car anyways, haha, and also would increase my premiums as I'd have to report it as opposed to just fixing it myself.

I have comprehensive because, while it's not a terrible part of town, I have had my car broken into before. I don't know if I should keep comprehensive, for the same reasons as collision. Only thing I'd be worried about if I got rid of comprehensive would be getting my car stolen.

Should I decrease my bodily injury or would that be too risky?
 

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As for the BI and what $.........(same goes for liability $).............what do you own, and could lose if you were to get sued? That is what you have to think about.........

Once I can no longer get my car value back if wrecked, I drop everything except the basic stuff.........uninsured/underins. motorists, liability, etc. But my car is garaged every night and unless they stole it out of a parking lot when I was out and about, doubtful that it would be stolen.
 
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Don't drop/cut bodily injury or property. If you do end up injuring someone or causing a lot of damage to someone's property, they can sue you if the coverage isn't high enough. Around here, a phone pole costs $75K. If I only carry $10K worth of coverage and take out a phone pole, the state will come after me for the other $65K.

Comprehensive and Collision are harder. I would consider dropping them when the amount you'd get from the insurance company doesn't matter so much. For some people getting the insurance money is necessary because they can't afford to go out and replace a car without it. Or if the car is worth a lot of money, but in your case it probably isn't.

The biggest difference I found when buying insurance was to raise the deductibles. We have either $500 or $1000 deductibles for everything and it dropped the cost about 1/3. We have enough money saved in the bank that if we need to cover it, we can (and we have had to once).

This is a great question, since both of our cars will be free and clear when our insurance comes up for renewal this year, and I'm contemplating dropping comprehensive/collision on one or both of them. We have 2 2004 Honda Civics with over 115K miles each, so I'm not sure it makes sense to keep paying.
 

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I'm contemplating dropping comprehensive/collision on one or both of them. We have 2 2004 Honda Civics with over 115K miles each, so I'm not sure it makes sense to keep paying.
Know what you mean...........my car is an '04 and I dropped the comp. and coll. this year........probably should have done it last year but.....
Any savings helps!!
 
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Know what you mean...........my car is an '04 and I dropped the comp. and coll. this year........probably should have done it last year but.....
Any savings helps!!
Well, the first was paid off in Jan and the second will be paid off in August, and our insurance goes up in October. I'm kind of leaning towards dropping it on the first car (has 150K miles and significantly more cosmetic damage) and keeping it on the second (only 118K miles and in much better shape). Plus our insurance rates are INSANE, we pay $1600 a year for both cars and we're fairly good drivers (1 accident each in the last 15 years).
 

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Speaking from experience since DS#3 was involved in a traffic accident last month, I would not drop your coverage. If anything, raise your deductibles.

DS#3 was a passenger in a friend's vehicle that was t-boned on DS#3's side. The wreck involved 3 vehicles and there were 4 people injured and one fatality. DS's friend was at fault and his family's insurance is not enough to cover all the related expenses. Our insurance company, which happens to be the same company as theirs, had to file an underinsured claim on our policy to help cover DS's medical expenses. We still have other appointments to go to because DS ended up with a fractured lower verterbrae. The friend's family insurance is responsible for repairing two vehicles, as the friend's truck was totalled and they will just have to replace it at their expense because they only had liability. The family is worried about law-suits because they know that their insurance will not cover everything --- funeral expenses, medical expenses, and vehicle repairs. So my suggestion would be to keep your coverage but raise your deductible (that will also lower your payment). Also, place yourself in a situation like I just mentioned and ask yourself if you would be able to cover all the expenses if you were to drop some of your coverage. After this incident, I have thought about raising our limits.

Good luck on your decision.
 
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I own a 1992 Toyota Paseo. No idea official BB value, I'd estimate like $3,000. Thing is, it's in beautiful condition; I bought it from a guy that completely rebuilt it, put a "new" Tercel engine in it, reupholstered the interior and everything. Only like 90k miles on it and it's a champ.

I own it free and clear and do all of the maintenance on it myself (so far regular oil changes, both front and rear brake jobs, double front axle replacement, exhaust replacement).

My current insurance policy is $153 every 6 months. I have multiple discounts: 3 year safe driving, advance quote, paid in full, 5 year accident free, continuous insurance: platinum.

Now, my current policy is broken down as follows:

$100 - Bodily Injury, $50k/person, $100k/accident, $50k/property
$0 - Medical Pay (don't have it)
$15 - Comprehensive ACV with $250 deductible
$25 - collision ACV with $500 deductible
$5 - uninsured $100k/person, $300k/accident
$8 - underinsured $100k/person, $300k/accident

I'm considering getting rid of collision. My reason being that anything over $500 would probably total my car anyways, haha, and also would increase my premiums as I'd have to report it as opposed to just fixing it myself.

I have comprehensive because, while it's not a terrible part of town, I have had my car broken into before. I don't know if I should keep comprehensive, for the same reasons as collision. Only thing I'd be worried about if I got rid of comprehensive would be getting my car stolen.

Should I decrease my bodily injury or would that be too risky?
1992? Remove collision, increase deductible. You're paying out more over time, monthly, than the car is worth. Liability is all you need.
 

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I don't know. I think you have the best deal yet with your car, coverage and where you live. Those are big expenses to cover if you do get into an accident. If I had to cut something to save money, it would be a cell phone bill. I don't need to pay $100 for a smartphone when a regular cell phone will do. I could also cut a food bill. But insurance are a must have for me.
 
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