Should I keep my full coverage on my 2005 Honda?
Should I keep Full Coverage on my 2005 Honda accord, it has 155k miles and is in good shape. Credit history is great, score over 750. I am paying over $450 a year for both collision and comprehensive. My collision deductible is $500 and my comprehensive deductible is $100.
That's a tough question to answer without more information. I would recommend getting an estimate for the value of the vehicle through Kelley Bluebook and NADA. You will need the VIN. A general rule of thumb is if the value of the vehicle is worth less than $4,000, you might not need your physical coverage. However, be aware that if your vehicle were to be totaled in an at-fault accident of any kind, you wouldn't receive any compensation. If it's determined you need this coverage, consider raising your deductibles. By raising your deductibles, you lower your premium as they are inversely related. Below is some more information on this subject. Best of luck!