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Discussion Starter · #1 · (Edited)
New policy is coming around, I'm paying 76 bucks a month for full coverage on my DX. Not a bad rate, but I was a little shocked when I checked Kelly Blue Book online and found out the trade in/wholesale value is $775 bucks. I'll assume this is how the insurance company will value my car.

I guess there are two lines of though here... 1) Why not just write off the car in the case of a wreck or theft, and only carry liability insurance. 2) Keep the full coverage, pay the 76 per month, and receive a $775 dollar check for a down payment towards a new[er] vehicle in the case of wreck or theft.

My wife leans toward the safer solution, ie: keep the full coverage... I am thinking just go with liability, and try to save those extra dollars for the next car....

What are you guys doing?

Rich.
 

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heh wow

when i got in a wreck it was the other lady's fault, and her insurance company declared my car a total loss and gave me $1850. It only cost me $350 to fix lol
 

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Discussion Starter · #3 ·
ha - I won't deny wishing someone would bash into my ride. hehe. Preferably in the parking lot, without me inside.
 

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man , work that math...

you are paying 76 a month = 912 a year ! ( more than the car's value ? )

Liability/one way insurance should cut your premium in half or less. if that is the case then go for liability.

just my 2 cents
Regards
Gullwing
 

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Discussion Starter · #5 ·
Gullwing - I'm trying to hire a director of technology for our Mississauga office. Trippy. How do you like living there?
 

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Hello linoleum,

I have been living in Mississauga for about 5 years now, and I would not consider moving out of it. It is simply the best place to live in the Greater Toronto Area.

You can take my word for it. I have worked in courier delivery for a while to pay my student bills and I have seen all of the GTA and beyond. Mississauga remains unmatched if you want a laid back, modern and clean suburban environment.

Population is 600,000. The streets are wide , the buildings are spaced further away from each other as not to hurt your eyes wherever you look, the night life is there with bars and clubs and Mississauga has one of the highest standards of living in Canada in my opinion.

Plus with downtown Toronto being less than 20 minutes away you can never feel isolated.

I hope that answers your question. Anything more please be a bit specific ?

Best Regards
Gullwing
 

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policy thoughts;

i beleive with collision and comp. an insurance co. pays out the average retail/replacement cost on damages near or above the cars value.
you may buy back your car at salvage value and fix cheaper than insurance co. expects.

i suspect most drop collision and then comp as cars age as gullwing discusses. i do.

however, once i payed for this approach:

i did front pod damage 6 years ago and before the repair shop learned i had no coll/comp they happily estimated $6500 of new parts/repair. since that car was worth only $3500 repaired i declined.
imagine their face when i told them that was too much and towed my mazda elsewhere for a $2500 salvage part repair shop.
it is useful to have options. i enjoy the car so i still drive it.
 

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Discussion Starter · #8 ·
Gullwing said:
Hello linoleum,

I have been living in Mississauga for about 5 years now, and I would not consider moving out of it. It is simply the best place to live in the Greater Toronto Area.

You can take my word for it. I have worked in courier delivery for a while to pay my student bills and I have seen all of the GTA and beyond. Mississauga remains unmatched if you want a laid back, modern and clean suburban environment.

Population is 600,000. The streets are wide , the buildings are spaced further away from each other as not to hurt your eyes wherever you look, the night life is there with bars and clubs and Mississauga has one of the highest standards of living in Canada in my opinion.

Plus with downtown Toronto being less than 20 minutes away you can never feel isolated.

I hope that answers your question. Anything more please be a bit specific ?

Best Regards
Gullwing
Thats great info. We've [my company] have considered relocating someone up to CA, which means its good to have a strong pitch describing Mississauga. In the past I've only heard its a long commute from Toronto, and its fairly remote. But your detail paints a completely different picture. I appreciate the info!

Take care - Rich.
 

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Hi Rich,

Regarding the commute , it can be a problem during rush hours ( 7AM-9AM & 3PM-5PM ). Howeve with expansions going to higway 401 , and the availability of an express toll route, plus the many side streets one can take , make it easier.

another thought about the policy. When you switch to Liability you can always make that extra cash to work for you , whether by putting it in a savings account or investing it , and it is always important to be be that much liquid in my opinion.

I am majoring in mechanical engineering but also minoring in Accounting :)

Best Regards
Adel
P.S: what kind of company are you talking about. just curious.
 

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The only reason why I have kept collision on my GT is the cost - about $20 per month for full coverage. Heck, my 01 Corvette cost me $38 per month. My advice is to remove the collision. Insurance companies advise doing this when your car is older than 10 anyway. Is Mercury Insurance around in your area? If so, check out their rates. I have been very happy with them.
 

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i was paying about 50 bucks amonth for just liability, and about 3 months after i bought my mx-6 i rearended some mexican work truck that had a tiny dent on his solid steel bumper and probably cost him 100 bucks to fix ( if u ever get in and accident try and pay them off, insurance is not worth it, especialy with the blue book value of our cars) they slammed on his breaks on the freeway, so I get ffffed and my insurance quadruples to 200 a month for just liability, and i payed it!!!!!!!! im such a freakn retard, it cost me 1000 bucks to get it fixed and 6 months after that, some black lady ran a red light and t boned my car in her catilac and took off, so im currently not driving an mx6 but im still looking to buy. sopfully soon.
jsoh
 
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madpunker22 said:
i was paying about 50 bucks amonth for just liability, and about 3 months after i bought my mx-6 i rearended some mexican work truck that had a tiny dent on his solid steel bumper and probably cost him 100 bucks to fix ( if u ever get in and accident try and pay them off, insurance is not worth it, especialy with the blue book value of our cars) they slammed on his breaks on the freeway, so I get ffffed and my insurance quadruples to 200 a month for just liability, and i payed it!!!!!!!! im such a freakn retard, it cost me 1000 bucks to get it fixed and 6 months after that, some black lady ran a red light and t boned my car in her catilac and took off, so im currently not driving an mx6 but im still looking to buy. sopfully soon.
jsoh
<Sarcasm>I'd avoid driving around racial minority groups from now on.</Sarcasm>
 

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I don't know my rates exactly, but I've never kept collision on any car. None have cost me more than $1900 either, though.

Definitely look at the overall cost. My MX-6 cost me $1400. For collision, I'd pay about twice that each year. If the car is totalled, I'd probably get no more than $2000 for it. So unless I get in a bad accident within about 6 months of insuring the car, it wouldn't be worth it- I'd have saved enough to buy another equal-value car by the end of the year from the insurance rates.

The other side of that, however, is that a good car is never worth only what the KBB says. My $450 wagon gets me to work as good as a $45,000 BMW would. The KBB is nice for a guide, but some $500 cars are better than others. A BMW with a blown engine would cost more than any car I've owned...but all mine have ran.
 
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