ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Should You Carry Collision Insurance on an Older Car?

Updated on July 3, 2015

This year, each of my grown children and I have been involved in auto accidents. Each of the cars was old enough that a moderate hit was more expensive to repair than an insurance company figures the car is worth. Our experiences varied and might surprise you.

No collision insurance

My son was looking for an address and failed to see the light turn red. A car T-boned his on the passenger side. His liability insurance paid for the other car’s damage, but he carried no collision and comprehensive insurance for his own car. After all, goes one traditional line of logic, the car is 15 years old and was paid off years ago. That’s all true, but that didn’t mean he could afford to replace the car, even for one of the same value that his was before the accident. No, his only option was—and still is—to keep on driving it as-is while he saves up for a replacement. He is fortunate that the car still runs, drives and doesn’t even leak in the rain, although doors on that side are unusable.

Collision insurance poll

Would you carry collision insurance on a 15-yr-old car?

See results
Source

Uninsured motorist collision insurance

My daughter was merrily driving down a multi-lane road when an SUV came off a side road and hit her car in the passenger side. Traffic was just too busy for the SUV to get all the way across several lanes without running into somebody, and she was in the way. The other driver’s insurance had lapsed, so she invoked her own uninsured motorist protection. Her insurance company paid the replacement value for her 17-year-old car, minus a $250 deductible. Why was she carrying such a low deductible? Because she drives a lot, in heavy traffic, sometimes spiritedly, and has absolutely zero cushion in the bank to replace her car should anything happen to it.

Poll on level of deductible

What level of deductible would you carry on a 30-yr-old Toyota?

See results

Low deductible insurance

My own accident was my own fault; I took a corner too fast and slid into the curb in the center median. It damaged the suspension and frame, which is enough for insurance to write-off a 30-yr-old Toyota. But I wasn’t about to write it off. It was a full convertible—one of only 900 Toyota convertibles in 1981—that I had restored myself. I never lock the car since I would rather have a thief use the door handle than slit the top with a knife. That, along with custom upholstery and paint, is part of why I carried $100 deductible. Another big reason is that my insurance is only charging me $50 per year for collision and comprehensive with $100 deductible. So I was able to have the frame straightened and the suspension repaired, and still end up with $700 insurance money in my pocket. Now if I can just keep out of trouble for at least three years, my rates won’t go up!

High deductible insurance

This wouldn’t be complete without stating that I carry $1,000 deductible on my wife’s Lexus. She doesn’t drive as crazy as the rest of us, the logic goes, so she is less likely to cause an accident. And they weren’t giving me any price break on that car like on the old Toyota. So wouldn’t you know—a cedar tree falls on her car while she’s driving it! Seriously! The damage estimate—approximately $10 less than the deductible! Oh, and the tree was on my own property, and my homeowner’s policy has the same $1,000 deductible! If that isn't amazing enough, it was later that night that our son called to tell us about his accident (above), but now I've digressed.

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      josh cohen 

      5 years ago

      your last post shows how demented you are??!! Its people like you who also drive other people's premiums up! Good going

    • Howard S. profile imageAUTHOR

      Howard S. 

      7 years ago from Dallas, Texas, and Asia

      It hailed tonight. I parked outside because my car needs a new paint job. Alas, it didn't hail hard enough to do any damage.

    • Lily Rose profile image

      Lily Rose 

      7 years ago from A Coast

      Slightly unrelated, yet related nonetheless, is my memory of deciding to forego comprehensive coverage for my 1981 Honda when I went away to college. I wanted to save money but felt I needed the collision coverage since I couldn't afford to replace the car should something bad happen to it.

      Of course, Murphy's Law reared it's ugly head and my car ended up being totalled by a record-making hail storm -- in Orlando!! Had I had coprehensive coverage, it would have been taken care of. Needless to say, I've carried full coverage on every car since then!

    • caltex profile image

      caltex 

      7 years ago

      I will definitely keep that in mind! I've bookmarked this hub. I appreciate it.

    • Howard S. profile imageAUTHOR

      Howard S. 

      7 years ago from Dallas, Texas, and Asia

      Thanks, caltex. It's also good to shop around for collision and comprehensive rates.

    • caltex profile image

      caltex 

      7 years ago

      Great info! I learned a lot. Thanks for writing about it.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)