What is a good general rule as to when to drop Comp and Collision on an old auto?

Answer

When insurance for the car, costs more than the car is worth.

Answer

Well, anonymous is definitely right. If it has reached that point, you probably need to buy a car that's worth insuring. I'd suggest that you drop the C&C when you feel that you could comfortably afford to buy another vehicle of equal value.

Answer

I've heard a good general rule of thumb is when your annual collision and/or comprehensive premiums start to exceed 10-15% of your cars current market value.

Improve Answer Discuss the question "What is a good general rule as to when to drop Comp and Collision on an old auto?" Watch Question

First answer by anonymous. Last edit by Edward60. Contributor trust: 27 [recommend contributor]. Question popularity: 91 [recommend question]


Research your answer:

Answers.com > Wiki Answers > Categories > Business and Finance > Insurance > Auto Insurance > What is a good general rule as to when to drop Comp and Collision on an old auto?

Our contributors said this page should be displayed for the questions below. (Where do these come from)
If any of these are not a genuine rephrasing of the question, please help out and edit these alternates.
When to drop comp collision?  Dropping comp and collision?  When to drop comp and collision?  When do you need comp and collision?  What is comp and collision auto insurance?  What is the difference between comp and collision insurance?