Car Insurance Advice - Comp/Collision on older cars?

[Macaela25]

We have a 2000 Honda Civic and 2003 Hyundai Santa Fe. Both are worth somewhere around $3000 (Kelly Blue Book). Obviously we have to carry property damage in case we hit someone else, but at what point do you draw the line with older cars and insurance?

DH and I are both good drivers...he's never had an accident. We currently carry a decent amount of comp/collision and uninsured motorist at $493 every six months. However, it wouldn't take much to total either of our cars. I'm very tempted to drop comp/collision on both cars and put the savings in our new car fund (we're buying sometime within the next year or so). We would save $211 every six months with these changes. If something happens in the meantime, it would just speed the process of buying a new car up a bit. What do you think? In this case, should uninsured motorist protection even a priority?

[CW&M Mom]

Will uninsured motorist protection pay you $$ for your medical bills if you got hit and they were uninsured??

[Macaela25]

I don't know...but I have medical insurance. I would need to find out if it would cover what my car insurance doesn't.

[awainwright]

you could consider raising your deductible as well to save money, make sure your medical payments on your auto insurance premium is enough to cover your deductible and co pays that can sometimes be high on standard health ins policies.

[Dengineer]

If you have enough in savings that you are able to write a check to replace a totaled vehicle, I would drop everything down to liability only. Otherwise, you probably want to keep paying for it, because you have no way to replace the vehicle.

[shetlandponyluvr]

What I tell people is, will you miss it if its gone? Base your decision on that.

[uummm]

We have 2 vehicles with no collision. Last year my son wrecked one of those vehicles (his fault also). Luckily my son had $3600 to put towards the truck we made him replace ours (we are really mean).
We were looking at buying a vehicle this past week (since we can't all fit into one of our 2 vehicles) and were considering a $4000 vehicle. My husband thought if we got that that we would get collision on it. We have the money to replace it if it were to get totalled. But to suddenly be out that $4000 seemed like a lot.

It doesn't take much to total a $3000 vehicle I think they total it when it costs half of its value to repair.

Medical insurance doesn't cost very much on auto policys-though it is based on primary driver of the vehicle-for my 18yr old it was $132 compared to $32+$34 for our other 2 vehicles that me and the DH are primary drivers.

Having my son wreck that truck did teach us that towing is always a good CHEAP really CHEAP thing to have on your policy-it cost us $75 to have the truck towed 3 miles to the wrecker place. Our policy charges $6 a YEAR for this per vehicle.

[Macaela25]

If you have enough in savings that you are able to write a check to replace a totaled vehicle, I would drop everything down to liability only. Otherwise, you probably want to keep paying for it, because you have no way to replace the vehicle.

This is why I'm toying with the idea. We have enough in savings to replace one of the cars at value plus a thousand or two, but it would be painful to part with that much in savings.

I'm not thinking that the $420 extra per year I'd save is worth my peace of mind. Thanks so much all for helping me out with this...your comments really help me work things out in my brain.