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"Should I remove the collision coverage from my 2006 Chevrolet Cavalier? "
I have had full coverage the whole time I have owned my Cavalier. Now that the actual cash value is under $2,000, should I remove the coverage? My deductible is $1,000.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Some people remove
collision coverage
from their policy as soon as the car turns seven years old. This is when the greatest decrease in value begins to occur. Others keep it on until the cost of the collision exceeds the payout; this is where you are.
If the actual cash value of your car is $2,000 and your deductible is $1,000, then the most you will get for your car is $1,000. In light of this, you should factor in how much you pay per year for the cost of the collision coverage.
At this point, it may be better to save the money that you pay for collision coverage and put it towards the future down payment of your next car. “
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- Gregory R.
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