When should you remove comprehensive and collision coverage from your vehicle?

[@ebutuoy6463]

Of course insurance have "gotten away" from using Blue book evaluations....they do anything they can to avoid paying you the true value of your vehicle.

[@traceywells-wellsagency]

You can negotiate that value with the adjustor. They usually will find a vehicle within a 50 mile radius of you from a regular dealership (excludes "buy here, pay here" lots) that is the same trim or a close to it as possible. That vehicle is used to determine the market value.

[@ebutuoy6463]

@@traceywells-wellsagencyThe fact that it's "negotiable" is a problem. Other than changing coverage, insurance companies don't let people "negotiate" premiums. They charge what they want.....well we want true market value not an adjusters undervalued guess.

[@JuanFelipeCalle]

I work in claims. If you can't be without your car, keep your comprehensive and collision coverage. One of the hardest conversations to have is with a claimant who does not have collision coverage but who needs their car repairs or total handled immediately. So many things can go wrong when you expect the other party's insurance company to handle your repairs or total loss: (1) You might be partially or completely at fault; (2) the other party actually doesn't have insurance; (3) liability is not clear and requires an investigation; (4) there were several vehicles involved in the accident, and in order to pay anyone out, we need estimates from all of them; (5) we get the estimates but there is not enough money to go around. In short, there can be lengthy delays, partial pay outs, or no pay out at all. No big deal if you have another vehicle and your old car was just an extra beater you have, but a big deal if it is your only means of transportation. On the other hand, if you have comp/collision, your insurance company will handle your repairs / total loss, minus the deductible (and if you are not at fault, they will try to get that back for you too), and usually very quickly. PS. If you have comp/coll, look into rental coverage too. It's often pretty cheap.

[@traceywells-wellsagency]

Thanks for the chime in. I value claims personnel adding to the conversation.

[@MusicMike747]

My opinion is to drop comprehensive and collision insurance only if you have enough cash on hand to buy a new car

[@traceywells-wellsagency]

I totally can agree with that.