My dad wants me to have collision but.....?

Question

ok well my dad is giving me a free car the car is going to be in my name and I have to pay for the car insurance and everything thing that coems along with a car

the thing is he wants me to have collision on my insurance since I'm youn gits very high and righ tnow my job wont pay for this I have to get a second job wich I'm fine with but the price of insurance with collision is very high for me so I dont knwo what to do??

any ideas??

Answer 1

Do what your father wants, not only because he wants you to but because it is a smart idea to have collision insurance on your car.

Answer 2

If your Dad paid full price for it, you have a choice, if the car is being paid on a monthly basis, you don't.  It would be illegal to have any less than full coverage.

Another thing to think about, if collision cost a lot in your area, it could be because the risk of having a collision, for your age group, and in your area, is high.

So if it's high, you need it!

Go Figure!

Answer 3

You should do what your Dad is asking you to do.....Get collision ! .........  Please.... Don't begin a question with "OK well".

Answer 4

If you don't have enough money in your pocket to replace the car tomorrow if you roll it into a tree, you need collision coverage.  If you don't have enough money in your pocket to replace the car tomorrow if it is stolen or torched, you need comprehensive coverage.

Just read other posts in YA and see often people say "car stolen, wrecked, no insurance, help!" or "accident, my fault no insurance, how do I get paid?".

I drive a 1995 car, and I can buy a brand new car out of pocket if I have to, but I carry full coverages so I won't have to.

Answer 5

The reason for having insurance is in the event of an accident. We all hope we don't have one but they do occur. If you only have liability on the car, it would cover some of the damage you do to another person but nothing for damage or injury to you and your occupants.

Answer 6

Collision isn't mandatory but if you crash it you will be out of a car. So -- ask yourself if the cost of a replacement car is less than collision coverage. Remember, in the long run insurance doesn't cost -- it PAYS.....

Answer 7

some rules of thumb to consider - remember this isn't about saving money right now but in the long term.

If you can afford to replace the car with cash if it's totaled, you don't need collision.

If the cost of a year of collision coverage is more than the value of the car, you don't need collision.

Remember though, if you total this car, then can't afford to replace it, then lose your job because you can't get to work - you didn't save any money by not having collision.

Also, if you owe money on the car and total it - you still have to pay the money you owe.  This is when collision is most useful because it's hard to get another car loan when you're still paying on one.

Make sure you weigh your options and always remember that having the insured amount in cash is the same as having insurance.  In other words, 'cash is insurance'.  If you don't have the cash, then insurance protects you from that potential loss.

For example: I have a car that I paid $600 for - collision on that car will cost way more than $600 per year.  At this point, it would be foolish to pay for collision on it.  Once it's restored and worth more than collision costs - then I need some insurance.  Or, if I couldn't come up with $600 to buy another one - I might need collision.  Only you know the exact numbers we're talking about in your situation.

Answer 8

Forget collision, unless it's a really nice car (BMW, Mercedes, etc.) or really new. Collision is a waste of money 90% of the time. Or if he insists on it, then ask him to pay it for you.