Democrats should boycott the insurance industry by cancelling automobile collision coverage

[Kolesar]

You probably don't need it. I had made a point of cancelling collision when the book value of my car drops to below $9000.

The way to determine if you "need" insurance is to ask yourself: would you be financially "distressed" if you took the loss? In my case, if I lost a $15,000 automobile, I could access my home equity loan and get all the funds I need. For someone who has not established credit or does not have "extra" income to take on new debt payments, it may be worth buying the collision insurance.

In my case, collision insurance is cheap, less than $250/year. Even yet, is it really worth $750 to pay three years of collision insurance premiums to cover the risk of losing an automobile that is worth $15,000? I could give that money to Obama 2012 and feel happier about it. Or fund the candidate who can kick Senator Grassley out
edit:grammar

[NNN0LHI]

1. If you owe money on your car that is not feasible

[Kolesar]

2. Good point, thank you

Had not thought of that

[Kolesar]

3. Ha! an unrecommend

GOPS unrecommend threads that "should" be on the Greatest Page. They don't want good ideas to get out.

[sinkingfeeling]

4. You canceled collision instead of comprehensive? In some states, you may not cancel collision

since that's the part that will pay for someone else's car if you're involved in a wreck. Comprehensive is what one should drop on older cars, which pays for hail damage, if it's flooded, a tree drops on it, etc.

[Kolesar]

5. Yes, cancelling "comprehensive" is advised

"Liability" is coverage that we buy to pay if we damage somebody else's car, damage property, or cause an injury.