Put $500 scrape in truck. Pay it or file claim?

[Jstpssng]

This has been the conventional wisdom, raise the deductible and drop collision/comp coverage on older vehicles. I don't believe this still applies today.

I looked at raising my deductibles from $500 to $1000. It was going to save me like $20 a year. So I would eventually break even after 25 years. It doesn't make financial sense. The same thing with my house insurance, was going to raise deductible from $1000 to $2500, and it was only going to save $40 a year. A 37 year break even period? It just doesn't make sense.

I also got quotes from several other companies and it didn't make sense to switch either. Insurance is a racket without a doubt. I just hope if I ever do truly need it, that is actually works the way it should.

Dropping insurance on an older car? Well maybe, but you have paid so much for comp/col over the years, why not keep it this way if something does happen then you will at least get the value of the car.

Maybe I am wrong, but that is my opinion and what I am doing.

I'm not disputing you, just trying to figure out what you're saying. If you only pay for liability you don't have a deductible. Also, consider the difference between collision and comprehensive. While the former covers your vehicle if you have an at-fault accident; premiums for the latter is generally a pittance, while covering theft, vandalism, glass breakage and other "Acts of God" such as deer collisions which you can't reasonably prevent; and normally won't go up if you have a claim.

Results can vary depending on state... I know that Mass. and NY are "No Fault" states. Don't ask me what that means except that after working as a sub contractor for 10 years my insurance company found out that I occasionally worked in NY. (about 2-3 weeks/year) My GL policy jumped from <$300 to >$1800 per year; my truck policy went from affordable to-
well, let's just say I couldn't sit down for a week.

 

[tcreeley]

I always carry everything regardless of the age of the vehicle- a month or 12 years old. It cost just as much for me to repair an old vehicle as a new vehicle. I'll pay the extra cost for little or no deductible for comprehensive and collision to avoid the much bigger bill to come with an accident.
Funny how the agents always try to talk you out of low deductibles- they are reducing their insurance company's liability!

 

[caver]

I backed my trailer hitch into the grill of a girls car in a store parking lot. Her dad owned a body shop I found out later. I left a note and they called me about a month or two later which was weird but they said they didn't want to burden me close to Christmas. They said they would settle without insurance claim for about 300+? I had talked to my insurance guy the day after I had the OOPs and he said my rate would go up about 5-10 dollars for maybe a year and then back down. He didn't lie to me and that's what happened. Anyway the auto body guy's wife (their daughters car I banged up) threw that spiel at me about my rates would go up and I said, no call my insurance co, that's what I pay them for. I saw the final report and I think they soaked my insurance company for 900$$

 

[oldpilgrim]

When I lived in Mass - Groton from 1975 to 1984 we had Allstate. We came to Maine and continued with Allstate.

As I said, only a select few inscos are allowed to sell in MA. I didn't remember Allstate being one of them, my bad.

 

[JBourquin]

I feel sorry for a lot of the people on here. I've had GEICO for quite a few years and multiple claims(Glass (1 windshield, 1 passenger window), >$10k at fault, >$7k motorcycle accident, even got sued once) and my rates have gone down every time I renew my policy.

 

[Jim Nelson]

A couple of weeks ago my wife was giving our 16 yr old grandson driving lessons and they managed to back into a neighbors mail box which left a small ding in the tailgate of her PT Cruiser. I took it to a body shop and they gave me a quote of $952 + pin striping and said it would take 3-4 days. She called a paintless dent repair guy who came to our house and repaired it in about 45 minuets for $150.I watched the guy work and was just amazed at the process.I can't see any sign of the damage and I know where it was. Now I don't know how the paint will hold up over time where he buffed it out but this car is kept in a garage and driven once a week so I would bet it will last the rest of my life at least.