Hey,
I browse more than I post but was looking for some honest feedback for my situation. I purchased my car from my stepdad because he likes to work on them for fun and it so happened I was looking for a car and got a good deal. For those curious, it's a 2006 Lincoln Town Car. Good condition and taken care of. Also, if it helps for information, I make ~$35k after taxes.
I recently paid it off and only had liability insurance on the car this entire time and decided that I'd change it because as I move forward in my job a little more, I get more money and it makes sense to want to have coverage over my health in an accident or negligence if somebody hits me without insurance themselves, car rental upon accident, etc.
After all the features of insurance added up, I am now paying double what I was originally. I sat on it for a few weeks and the question came into my head, should I be paying this extra if my car has a Kelly Blue Book value of $1,300? So my question go to all of you. Would it be better for me to reduce the Comprehensive and the Collision down to nothing and keep liability and injury? Then, just use that money to invest into a "car fund" for the future?
Thanks for all advice.
Submitted June 13, 2019 at 10:14PM by CHXNBS http://bit.ly/2F8uuet
