Originally Posted by adjusterjack
Yes, eliminating comprehensive and collision on low valued vehicles can save you lots of money as the years go by.
I do that, too.
But I have plenty of money in the bank to instantly replace a vehicle if it gets wrecked by an uninsured driver or stolen.
Do you have money in the bank to cover that kind of loss if it happens?
LFeels so good having no car payment & low cost insurance doesn't it?
I have enough in bank. If I was OP, even with zero in bank, I would consider self insuring. Totals current car, Most likely can get loan with attractive rates. But lenders are gonna require comp/collision. Maybe he has loans on current vehicle.
I personally wouldn't consider a corvette. 1 I'd lose my license. 2. I'd rather have money for experiences like flying out to Vegas on Monday. Groupon has some deals for $200 to drive sports car on track. Or I saw enterprise rental car I could rent a convertible Stingray for $150 a day. Not sure on mileage charge & had to have my own insurance.
Car loan of $400 & $100 in insurance. What to do with Extra $500/month.
Although in my younger days I "needed"a sports bike to make my life complete. Zero to sixty in 4.2 seconds. & it loved to cruise @100. Didn't Really complete my life & glad I lived to tell the tale with all limbs intact & more importantly didn't hurt anyone else with my risky behavior aka stupidity.