by Guest » Wed Nov 20, 2013 09:01 am
I’ve had comprehensive auto insurance for the last 8 years. The starting value of the vehicle was around $20K. The current trade-in-value is $6K ($8K private party value) as per Kelley Blue Book (KBB). In case the car totals, I’ve enough to get a new one. Should I consider canceling the comprehensive coverage? Would it make good financial sense?
Posted: Thu Nov 21, 2013 04:35 am Post Subject:
In case the car totals
Normally, we associate that phrase with collision losses. Comprehensive is for "other than collision" losses such as fire and theft. If it no longer matters to you whether you have a vehicle to driver tomorrow because you can afford to buy another one regardless of any insurance company money, then I guess you can drop the coverage.The real question is what is the cost to carry the coverage compared to the amount the insurance company will pay in the event of a total loss. .
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