Fri, 03 Jun 2005
Jonathan, over at MyMoneyBlog, has a
couple posts up about car insurance. His most recent is about collision
and comprehensive. I dropped these on my 1999 Honda Civic a couple weeks
ago. I'm saving $750 a year without it, and it wouldn't cause too much of
financial burden if the car were involved in an accident. 21st Century fixed their web site
so I was able to change my coverage without talking to Patrick. We dropped it
on Denisa's car, which is only worth maybe $3k, a long time ago.
Jonathan's earlier post on liability
coverage is interesting to me too. Since I started driving, I've always
had the minimum liability coverage required by law. Since I didn't have many
assets for someone to come after, this was fine. As I start to build up my net
worth, I should definitely increase the amount of my bodily injury and property
damage coverage.
I think Jonathan is a sucker to buy uninsured motorist coverage though. His
collision insurance will cover his car in an accident, regardless of whether
the other party has insurance, and his medical insurance should cover his
medical bills. I don't think uninsured motorist coverage covers hit-and-runs
either, so it's really a waste of money.
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