I was talking to a co worker of mine today and he said that there's no point in me paying $100 dollars a month for collision insurance of a $5500 car with $1000 deductible.
If, god forbid that car gets totalled, i'm gonna have to pay $1000 anyways, plus heaven knows how much i've payed in insurance before that.
At that point i may as well take the L and buy a new car.
Thoughts?
I'm a new driver <6 months, and am paying $240 per month on insurance, and collision is the biggest chunk of it, accounting for a bit less than half.
Note: I own the car, paid off fully in one purchase. I'm not required to have it, and as per my co worker, i really don't need it given my circumstances.
Edit: If it matters, i have USAA, it was the cheapest i found shopping around.
Submitted January 05, 2017 at 10:39PM by roomtenchhut http://ift.tt/2hYuqD3
