If you have an older car that is fully paid for and you are not concerned about minor cosmetic damage, nearing the end of its lifespan, or has a low market value, you may consider not purchasing comprehensive coverage as a way to reduce your insurance premiums. However, it is important to keep in mind that if you do opt for comprehensive coverage, the coverage amount will be based on the market value of your vehicle. Additionally, any claims, except for windshield repairs (excluding windshield replacement), will be subject to the deductible you have chosen.
Deciding whether to have comprehensive coverage for your older car involves evaluating factors such as its current value, your financial situation, and your personal risk tolerance. If the potential cost of repairs or replacement outweighs the savings on insurance premiums, comprehensive coverage may still be worth considering. We recommend discussing your specific situation with your agent to determine the best course of action.
At Bear River Mutual, we are here to provide guidance and help you make informed decisions about your insurance coverage. Feel free to reach out to us for further assistance and support in determining the right coverage options for your older car.