collision coverage question

[01 durango]

My ride is 17 years old. Blue Book says it's worth about 18-19 hundred. No argument there. My concern is collision insurance. I prefer to keep it but seeing as how the book value in my car is so low I'm concerned that the slightest fender bender would total the car.

Are there any alternatives to explore? I was thinking about specialty insurance companies just for the Collision coverage which is really a pittance actually but I do find comfort in knowing that it's in place. Is it possible to cancel the coverage on my current policy and buy only Collision coverage from another company that perhaps would insure older cars

 

[xrac]

If they total the car there is always the option to accept the money, buy the car back and repair it on your own and keep driving. No insurance company will pay you more for a vehicle unless there is special value to the vehicle. A vehicle can be appraised and insured for a greater value if such value is established.

 

[01 durango]

thanks for the reply. I was thinking that very same thing

 

[adjusterjack]

No, stand-alone collision coverage (to my 35 year knowledge) is not available.

You're free to carry just liability insurance and "self-insure" your vehicle for the other causes of loss.

Just make sure you put aside money to cover theft or damage so it's not a hardship when something happens that nobody else is going to pay for.

I also drive cheap older cars. They are usually worth between $3000 and $4500 and I just carry liability insurance but I have plenty of money in the bank to cover a loss if it happens. I've been doing that for about 4 years now and have saved a few thousands on insurance.

What you don't want is for something to happen when you don't have ready cash to take care of it. If you live on the proverbial financial shoestring where you can't seem to keep any money in the bank for emergencies then I suggest you keep paying for the coverage.

 

[VolAgent]

The cost of coverage is directly related to the value insured. This means, since your car costs less to replace, then the coverage will cost less as well. Assuming you have a good insurance score and driving record, the cost of collision is probably minimal anyway. You should see what it would be both ways before dropping it.