I finally bought a car - insurance advice?

[pinkytoe]

One of the things I wanted to do while still working was to purchase a newer car. As faithful as my 20 yr old Volvo has been, it has some very irritating idiosyncracies and I don't see it making long road trips someday like I want to do. It has been cheap to drive, maintain and insure however. As often advised, I saved up and paid cash for a highly recommended used car (4 yr old Honda CR-V) that has only 12,000 miles on it so I feel good about that. I am wondering though if I should cough up for comp/collision which is not required but probably the safest thing to do. Around $800-900 a year. Would you spend that or cross fingers that nothing happens? If something did happen and I only had liability, I would not be able to buy another car with cash especially after paying this much but hate the insurance game. I feel like I'm bleeding money lately with DD's wedding, income tax and now this car.

[Tammy]

What if you put the 900 a year into an account and didn't touch it unless you needed to replace the car? That sounds good on paper and it's what my conservative kids would do. I might not though as I'm a little more into insuring to the point that I can sleep at night without worry. But I bet mr money mustache would self insure.

[zeaxmays]

If something did happen and I only had liability, I would not be able to buy another car with cash

i think this is your answer.

i would suggest having the money saved for the deductible though, and of course, higher deductible=lower payment.

[goldensmom]

Pay the $800/900 for collision. Accidents happen, you cannot control what another driver does. I recently had a fender bender, literaly, it bent the fender, totally drivable, not my fault but resulted in a $5200 repair bill. My father watched his parked car get smashed into by a driver without insurance (the owner's insurance pays for the repair then goes after the at fault driver's insurance company for reimbursement). Had he not had collision coverage the repair would have been at his expense.

[pinkytoe]

Yep. the adult in me says buy the collision. I have driven the old car for seven years without anything happening so it seems silly. Drivers are crazy here now though so guess I'll buy the insurance with proceeds from the old car - at least until I can save a bit more to dedicate towards car expenses.

[Packy]

Okay--everyone hates my advice. Nobody likes it. Following it is Strictly Voluntary(SV), and in the remote chance you do, it should remain strictly confidential. Everyone would lose respect for you if it were found out you had followed my recommendations. Just say "no" to my ideas. Okay-here they are: 1) Are you SURE you're ready to dump that Volvo? After all--on this board they all drive their car "till the wheels fall off". And everyone here just knows that "Volvos Run Forever". So, wait forever or till the wheels fall off, whichever comes first. 2) Another thing is, Volvos are very safe, the safest car on the road, by far. According to the TeeVee commercials, they are the #1 choice of expectant moms, everywhere. When it finally becomes necessary to trade for another Volvo, you need to be sure and find a reputable mechanic who can help you by transferring the Safety Equipment from your old Volvo to your new one. By "safety equipment", I mean the 4-leaf clover encased in acrylic hanging from the rear view mirror, the statue of Saint Christopher mounted on the dash, and the "Lucky Horseshoes " attached to the front and the rear bumper. 3) Insurance. You don't need no stinkin' collision insurance for a Volvo. Didn't I just tell you how safe they are? Just be sure and drive it very sparingly, avoid risky situations, and be careful where you park it. Don't ever go to the St Louis area, Don't ever follow a gravel truck too closely. You'll be fine. Again, don't follow my advice, and if you do, don't tell nobody. Hope that helps you some. Thankk mee.

[Tenngal]

I would love to have a CRV with low mileage. IMO this is too nice to just have liability, you need full coverage for a few years.
How are you liking the car?

[pinkytoe]

I went ahead and got the collision coverage. I can always cancel later when the new wears off. Love the car but have to get used to the "fanciness" as compared to the old Volvo. Never had to think about dings and scrapes with the old one but this one is showroom perfect so makes me a bit nervous.