- Jul 22, 2015
- 2,724
As I noted a few minutes ago, 'book value' of my '03 Envoy is down to $2000, so any sort of accident (no matter who's at fault) would likely result in a write-off by my insurer (a major company who's been good with claims / settlements).
At that value, I've been thinking that maybe it's finally time to drop collision / comprehensive on this truck (it would likely halve the premium on this one; I pay about $45 / mo for each of the two trucks.) Yearly mileage is < 10K / yr on this one.
The Sierra still has a residual value of about $5K, so I'll maintain collision on that one for a while longer.
If I did that, would it affect my ability to 'buy the truck back', if it was a minor enough accident that it could be repaired, or would I lose that right with only liability coverage? As I mentioned in the other post, I'd really like to hang onto the truck, if it's feasible.
Since I've maintained full coverage on most of my vehicles, most of my life, I don't have a lot of experience judging "when it's time" to drop it. TIA for replies / thoughts.
At that value, I've been thinking that maybe it's finally time to drop collision / comprehensive on this truck (it would likely halve the premium on this one; I pay about $45 / mo for each of the two trucks.) Yearly mileage is < 10K / yr on this one.
The Sierra still has a residual value of about $5K, so I'll maintain collision on that one for a while longer.
If I did that, would it affect my ability to 'buy the truck back', if it was a minor enough accident that it could be repaired, or would I lose that right with only liability coverage? As I mentioned in the other post, I'd really like to hang onto the truck, if it's feasible.
Since I've maintained full coverage on most of my vehicles, most of my life, I don't have a lot of experience judging "when it's time" to drop it. TIA for replies / thoughts.