I own a 2001 Honda Civic. It runs great and I'll probably drive it until it dies. According to kbb.com, my car is worth $2,800 (sell to a private party) in excellent condition, but I would probably guess it's more likely good condition (~$2,300).
My auto insurance (USAA) includes collision coverage on the vehicle with a $1,000 deductible. The statement says it adds $109.08 to my 6 month premium.
My question is, given that my car isn't worth that much more than the deductible (probably around $1,300), is it worth paying the $218/year for collision coverage? Does collision coverage cover more than the cost of the car?
Some additional info: I don't use the car that often (it's not a commute car) and if the car got totaled, I have enough in my emergency fund that I could find a used car to replace it with. It wouldn't be a major hardship to be without a car for a few weeks while searching for a replacement.
Submitted February 12, 2017 at 11:38PM by 65574639 http://ift.tt/2l5J65B
