When to take insurance off your truck

[35 whelen]

I have a 2013 F150 with 112,000 KM on mint shape when do most people take their comprehensive insurance off their vehicles thanks

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[lannie]

Collision I would get rid of but the comprehensive I would keep on which includes fire and THEFT.

[35 whelen]

Originally Posted by lannie

Collision I would get rid of but the comprehensive I would keep on which includes fire and THEFT.

Yes that's what I meant I would obviously keep fire and Theft

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[Reeves1]

My B2 Pinto I keep fire/theft on all the time. Been a few years since on the road.
One time I canceled all of it & I had to get another safety !

[-JR-]

Thats a very good question. You should go see what the insurance company will give you if get into an accident and they wright it off . How much are they they charging you for Collision. and what is your deductible ,i know my deductible will cover a cat. if it ever gets stollen so i would not even make a claim .

I have a 2018 HD3500 and i am thinking of dropping it also ,as it is no longer my daily driver and only using it for towing the boat .

[hogie]

Depends on the cost. Full covarage if driving record good isn't much more. With the way used prices are right now I would keep it.

[blgoodbrand1]

Originally Posted by hogie

Depends on the cost. Full covarage if driving record good isn't much more. With the way used prices are right now I would keep it.

This. The decrease in price has been minimal when I have looked into it


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[dfarms11]

It's gonna totally depend on your individual insurance rates. On our old vehicles, it really doesn't cost much for collision so we just keep it on.

[big zeke]

Back when I used to drive my truck year round I'd put collision on in Nov and take it off in April. The collision coverage was the same amount no matter which month and I figured my highest risk for fault accident was in winter driving. I accepted the risk of having a fault accident in the summer but pocketed the savings.

As the vehicle ages, the cost of collision goes down as the insurer has a smaller payout for a claim. I've never had an insurer refuse to add and subtract the coverage as I did.

Zeke

[chasingtail]

I’d probably do it when the vehicle is worth less than 15k. Less than 10k for sure.
$2000 deductible plus your insurance going up not worth making a claim.

[waldedw]

I look at it this way, the collision and upset insurance on the wife's Lincoln is $238 per year on a vehicle that costs $65K to replace, on my truck it's $267 per year on a $86K replacement value, both have a $500 deductible. That comes to about 65 cents a day or $4.50 a week per vehicle, cut out one trip per week through Tim's for a latte and you have your insurance paid.
Now I realize that there are some that pay way more for insurance than that for one reason or the other so everyone has to make their own call, I for one will never have a vehicle without it, plus I don't like latte so I'm money ahead already.

[58thecat]

Originally Posted by Reeves1

My B2 Pinto I keep fire/theft on all the time. Been a few years since on the road.
One time I canceled all of it & I had to get another safety !

Well it has the potential catch fire but will never get stolen, can’t even give it away.

[DOGFISH]

It depends on how much you drive and where you drive in my opinion, My 2014 pickup and 2001 Yukon do not have collision as they are rarely used and are not used to get back and forth to work. My wife's 2013 Lincoln is used allot more for her going back and forth to work and errands. She is more comfortable with collision coverage so I have kept it on. Her vehicle is at 180,000 km. at 200,000 I will cancel it. Insurance companies make enough money already on financed vehicles I feel I don't need to contribute. $50 x 12 months x 10 years = 6000 x 3 vehicles = $18000, it adds up fast. I always thought its better to figure the cost per year not a month. It makes me really think about the costs. Also all my vehicles do not have any liens and if something happened to one I can drive the other. Dogfish

[Sooner]

Originally Posted by hogie

Depends on the cost. Full covarage if driving record good isn't much more. With the way used prices are right now I would keep it.

My thought. Keeping full coverage is not that expensive, at least not with my Ins co and being middle age and no crashes or tickets helps. I like to have it incase something happens.

[Grizzly Adams1]

Originally Posted by Reeves1

My B2 Pinto I keep fire/theft on all the time. Been a few years since on the road.
One time I canceled all of it & I had to get another safety !

That's why you keep basic insurance on a vehicle as long as you own it.

Grizz

[35 whelen]

Just checked today my Collision 318 a year might as well just leave it on

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[Big Grey Wolf]

My rule of thumb is when a vehicle value is below $10K Collision and Comprehensive are both discontinued. Why pay $500 or more a year to get a $2000 check when they write off your vehicle.

[wwbirds]

Bought new in 2000. Was a great truck that i passed to youngest son to move to manitoba after we did new tires and brakes and a few minor things. Brought it back to alberta while visiting as he now had a company truck and only 1 parking space. Mechanically very good even if body was going could use on farm for planting birds carrying stuff or towing 5th wheel. Did a few more repairs and windshield so my oldest boy could use aftrr returning from australia after. pandemic. No sense insuring a $5000 truck we thought. Hit and run driver totaled it on street in high river so we regret dropping the insursnce as got nothing for a dependable driver other than a big towing bill.

[Albertajeff]

Just went through ours with the Insurance Broker yesterday. Both our vehicles are worth 20-25k and kept in good condition. One gets less than 10,000km/year and was thinking of making some changes but then got thinking….a couple hundred dollars for collision a year is pretty cheap compared to buying parts and getting things fixed for a possible fender bender. A friend had to replace his rear bumper on his Tacoma and a rear quarter panel repair cause he backed into a cement barrier. Quote was $6000. Prices for these vehicle parts is crazy and if you need body work it’s outrageous.

[35 whelen]

Originally Posted by Albertajeff

Just went through ours with the Insurance Broker yesterday. Both our vehicles are worth 20-25k and kept in good condition. One gets less than 10,000km/year and was thinking of making some changes but then got thinking….a couple hundred dollars for collision a year is pretty cheap compared to buying parts and getting things fixed for a possible fender bender. A friend had to replace his rear bumper on his Tacoma and a rear quarter panel repair cause he backed into a cement barrier. Quote was $6000. Prices for these vehicle parts is crazy and if you need body work it’s outrageous.

Yes for $300 a year I'll be keeping mine on ,thought I was paying at least a thousand for that.

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[Sledhead71]

Something for those of you who keep your older vehicles in prime condition with low mileage, pay for appraisal and have your provider insure for actual value and not assumed value.