When should you cancel your comprehensive insurance?
UPDATED: Apr 27, 2011
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Asked April 27, 2011
Comprehensive auto insurance includes a wide range of possible scenarios, including vandalism, flooding, and fire. On a hierarchy of important auto coverage, comprehensive is ranked 3rd, with the first two being Liability (property and liability) and collision overage. In a large part, comprehensive coverage protects against incidents you may have some control over, such as not parking in a dangerous location or leaving valuables unattended in the vehicle. Think of comprehensive coverage as things that can be done to your vehicle other than collisions.
If your vehicle is parked in a safe place at night such as a private garage, your comprehensive risks go down significantly. If you rarely or never travel out of state, you are actually at a lower risk of burglary, and the likelihood of your car being stolen goes down as the car gets older. These are all coverages provided by comprehensive coverage and examples of how the coverage could be unnecessary. You probably have a lower risk of filing a comprehensive claim than a collision claim, provided you refrain from leaving inviting packages visible in the vehicle, or simply install a loud alarm system.
There is no definite point at which comprehensive coverage is no longer needed. It is possible to have a beat up vehicle that is constantly used for transporting expensive materials and needs to have the coverage to protect the cargo more than the car. The question for making a decision about comprehensive insurance is how much you are willing to pay out of pocket to replace or repair problems that could happen. Insurance companies exist to help you overcome risks, but you are welcome to face those risks yourself if you wish.
Answered April 27, 2011 by Anonymous