Should I keep the collision Insurance on my vehicle?

If you don't have the cash available to replace the car I'd suggest you keep the collision, particularly if you drive around a metropolitan area. In my opinion it's even a good idea to have collision or comprehensive even if you can afford to replace the car. In your case a 2003 Camry is probably worth at least $7,000. That's an amount worth insuring.

1. If you are involved in an accident with another car your insurance company immediately pays to repair or replace your car (less deductible). It doesn't matter who was at fault. Your insurance company is more likely to defend you against claims that you were at fault and pursues the other driver for payment. Without collision even if the other driver is at fault you might have to wait months to get a settlement check from the other company and you might have to pursue settlement on your own. If the other driver is found at fault you get a refund of your deductible when the other driver or his insurance company settles.

2. There are too many people illegally driving without insurance, usually the worst drivers who can't afford insurance because of numerous accidents. If you get hit by one you probably are out the money even if the accident isn't your fault. You would need to take them to court and even when you get a judgment good luck collecting from one of these bums. If you have collision you turn it over to your insurance company, get a check, and let the insurance company handle everything.

3. Sometimes one car accidents happen, even to the best of drivers.

$400 saved each year does add up and if it doesn't have a resale value in the Kelly Blue Book, I see it as a positive because it means you can buy a similar one for cheap, at least I could, but we are all different so it is up to you what you do.

If you think of it, it surely makes no sense getting this kind of advice from strangers, maybe your dad was a good bargainer, he kept a close eye on the small ads, he knew how to tell a dog from a great little car, he could spot a bargain.. some pople can't tell a good car from a dog and so they MUST cover themselves with insurance, they must buy new, finance, pay interest etc to protect themselves from ending up with dogs if you know what I mean, so which one are you?

Maybe if you ask here, you should buy insurance, it isn't a fault to not to know cars, maybe you are great at your job so for you spending that $400 is nothing and that would allow you not to have to tinker with unknown old cars, should something happen to yours.

Should I keep the collision Insurance on my vehicle? -

The car is a 2003 Toyota Camry. The loan is paid in full on it.

It costs an extra $400 a year to put collision insurance on it with a $500 deductible.

My Dad told me 30 years ago not to keep collision on a car after it is 5 years old. But times have changed.

If it were to be damaged severely, we would not readily have the funds to replace it and would be looking at clunkers (if there are any left out there)..

Since the car is more than 6 years old, it wouldn't have a resale value in the Kelly Blue Book, so I have no idea what $$ we could expect from the insurance company to buy a new car if something happened to it.

Should I maintain the collision insurance on this car? Opinions please, and the reasoning behind your answer? Thanks!

Vehicles are made to last longer for the most part. I am in the collision repair business and we fix a whole range of vehicle years, mostly newer models. The people who still have collision on "older" vehicles such as yours, are relieved a bit when they do have collision coverage. Most people cannot afford to pay for a replacement vehicle, if you can even find a good used vehicle, at a low price.

I see it every day. Keep the coverage - it's worth it in more cases than not. Not knowing your history, your collision may be at a lower cost through another company.

Should I Have Collision Insurance

Well, right now it's worth about $4,500, less your deductible, so if it were totaled now, you would get $4 grand, Average life of a car is 10 years, so assuming you keep it another 4 years, you would have put in $1,600 assuming nothing changes on premiums for collision, and you'd have a car worth under $2 grand, so looking at worse case, it get totaled at the ten year mark, you get $1,500 after deduction and have paid $1,600 out of pocket for a net loss.

Dad was right, 5 years is about the time to think about dropping collision.

It depends on what the car is worth, how old the car is, and the car's condition. If the car is only worth $1000 then it's not worth the $600 a year for collision. You are better of with just liability. A salvaged vehicle is usually not street driveable.

i think your car worth more then 400$.no offense but i don't know how good you drive and if you damage the car and it your fault without the collision insurance all the money for reparations cames from your pocket.

If you do not have the means to replace the car if it was totaled, then keep the collision coverage.

I wouldnt recommend anything but the cheapest insurance because they are not going to give you nothing for it anyway.

You answered your own question. "If it were to be damaged severely, we would not readily have the funds to replace it. "

keep the collision on it. If you have the means go out and buy another car if yours is totaled then do not buy collision. If it would be a financial burden to replace your car if totaled then buy collision.