No Need to Over-Insure Your Old Car
Anyone who has ever owned a dog can tell you that, in their eyes, their beloved pet never seemed to age. Right up until the very end, a dog still looks like a puppy to its owner, because the owner sees and interacts with the dog on a daily basis. The effects of aging can go unnoticed until the pooch is under the harsh lights of the veterinarian's office - when reality settles in. It's not really a story about sadness so much as it is a testament to the loving relationship between pets and their owners. In their eyes, the vibrant beauty that they remember from the earliest days never fades; the same thing can be said of people who grow very attached to their automobiles. Emotional Investments
To some, a vehicle is just a mode of transportation, with no more need for warm fuzzies than pencils, egg beaters or any other useful object. Others, though, develop an affection for their car, trucks, vans or SUVs that rivals the kind of devotion associated with the pet-owner dynamic. Some people even attach a name to their jalopies - as if Stephen King's Christine hadn't taught us not to do that. Their friends, relatives and colleagues cannot understand why someone would continue to drive that rust-bucket with the smudged and tattered interior, with the trunk lid held closed (for the most part) by a bungee cord. Do the Math However emotionally invested one might be in one's vehicle, one should still step back and realize that "their baby" (however reliable) doesn't exactly exude that new car smell anymore. As such, it may be time to re-evaluate the amount of coverage that is applied to that vehicle. Obviously, very few insurance agents will ever prompt you to do this. It is a personal choice that required taking a hard look at the math. Just as common sense should dictate that any car that is costing more than $200 a month in repairs or maintenance (the equivalent to a car payment) should be done away with, any car whose value has sunk below 1000 percent of the insurance premium for collision and comprehensive collision would be just as well off with personal liability and property damage - and that's all. Paying anything less than ten percent of a car's value in insurance - even if the difference is only a few dollars - is not considered by industry experts to be a good deal. That money could be directed into other kinds of insurance, deposited into a "rainy day" repair fund for the old clunker (or saved towards a new one), or even spent at the drive-through. John is a full-time insurance agent and part-time writer. He knows how to save money on auto insurance and wants to help you save too. He lives in Boston with his dog.
Anyone who has ever owned a dog can tell you that, in their eyes, their beloved pet never seemed to age. Right up until the very end, a dog still looks like a puppy to its owner, because the owner sees and interacts with the dog on a daily basis. The effects of aging can go unnoticed until the pooch is under the harsh lights of the veterinarian's office - when reality settles in. It's not really a story about sadness so much as it is a testament to the loving relationship between pets and their owners. In their eyes, the vibrant beauty that they remember from the earliest days never fades; the same thing can be said of people who grow very attached to their automobiles. Emotional Investments
To some, a vehicle is just a mode of transportation, with no more need for warm fuzzies than pencils, egg beaters or any other useful object. Others, though, develop an affection for their car, trucks, vans or SUVs that rivals the kind of devotion associated with the pet-owner dynamic. Some people even attach a name to their jalopies - as if Stephen King's Christine hadn't taught us not to do that. Their friends, relatives and colleagues cannot understand why someone would continue to drive that rust-bucket with the smudged and tattered interior, with the trunk lid held closed (for the most part) by a bungee cord. Do the Math However emotionally invested one might be in one's vehicle, one should still step back and realize that "their baby" (however reliable) doesn't exactly exude that new car smell anymore. As such, it may be time to re-evaluate the amount of coverage that is applied to that vehicle. Obviously, very few insurance agents will ever prompt you to do this. It is a personal choice that required taking a hard look at the math. Just as common sense should dictate that any car that is costing more than $200 a month in repairs or maintenance (the equivalent to a car payment) should be done away with, any car whose value has sunk below 1000 percent of the insurance premium for collision and comprehensive collision would be just as well off with personal liability and property damage - and that's all. Paying anything less than ten percent of a car's value in insurance - even if the difference is only a few dollars - is not considered by industry experts to be a good deal. That money could be directed into other kinds of insurance, deposited into a "rainy day" repair fund for the old clunker (or saved towards a new one), or even spent at the drive-through. John is a full-time insurance agent and part-time writer. He knows how to save money on auto insurance and wants to help you save too. He lives in Boston with his dog.
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