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When Is It A Good Idea to Drop Collision

Dec 15, 2013
I'm often asked "when should I drop my collision and comprehensive coverage from my auto policy? I have some freinds who own cars 15 years old and still have collsion. Is that a good idea? Probably not a good idea at all. I was counseling with a potential new customer just a few months ago when this very question came up. I asked why do you have collision on a pick up truck 15 years old. Well, he said, it is worth alot more than I can get out of it. That is probably true I said. But, the insurance company will only pay you book value. And book value can be lean on a 15 year old pick up. There are a couple ways around this. You can have the vehicle appraised and insure it for the appraised value. Or, you can insure it as a collector vehicle. Whichever the case, it is a good idea to evaluate your coverage to make sure you have the right kind. Not too much coverage. Just the right amount.
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1001 Weatherstone Pkwy Ste 440 Woodstock, GA 30188 | Phone: 770-928-9122 | Email Us | Get Map