Insurance

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Old 09 Aug 2005, 01:18 pm   #1 (permalink)
Barry Howze
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Default Insurance

I own a 1998 Camry LE with low milage. My insurance is up for renewal
and continuing collsion and comprehensive will cost about $700 a year
( I live in New York City). Based on an internet search I estimate
the value of the car at $5-6 K. Does it pay to keep the collision and
comprehensive? What value does it have to drop to discontinue them?

Barry Howze
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Old 09 Aug 2005, 06:12 pm   #2 (permalink)
Hopkins
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Default Re: Insurance

Sounds like you're about due - my Camry was a year or 2 older when I
dropped collision and picked up property/bodily coverage for uninsured
motorists.

Collision covers damage to your car caused by collision with another
vehicle/object. Collision costs a lot compared to uninsured motorist
coverage (a lot, too, compared to comprehensive). Seems to me the only
problem with dropping collision is if the other guy is uninsured.

Comprehensive covers stuff like fire, theft, vandalism, falling
objects. I don't know whether you'd have a need for that.

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