You Decide: was my Trailblazer worth $299 or $4,500?

I made the not so wise decision to drop comprehensive (comp) and collision (coll) on my 2002 Trailblazer.  Here were my thoughts that I used to come to this decision:

·         Vehicle was paid for and served me well

·         I didn’t really think it was worth that much

·         Just a spare vehicle  was utilized on a limited basis

·         I had never really had a serious wreck that caused damage to any of my vehicles

·         I have the experience to fix any damage that could happen in a little fender bender

·         I didn’t want to give any more money to the insurance companies than I had to

·         I kept uninsured motorist property damage coverage on it that would cover any damage caused by someone without insurance

Here is where my thought process went south on me:

·         IT BURNED UP!  I never ever thought I would have a vehicle burn up.

·         I can fix things, but I can’t fix charcoal!

·         The “Actual Cash Value” (ACV) was still $5,500 minus the $1,000 deductible, leaving me $4,500 in my pocket

·         The $299 I received from the salvage yard was just enough to cover the towing & storage.

·         COMP & COLL COVERAGE WOULD HAVE COST ME $150 A YEAR.

·         FOR WHAT I LOST, I COULD HAVE INSURED THIS VEHICE FOR 30 YEARS AT THAT RATE.