Auto Insurance - Help

Our vehicle insurance is up for renewal this October; and while we can make changes at any time to the policies - I use that letter in the mail as a reminder to review it in detail.

On both the Kia and the Escape we have:

  • One million in third party liability
  • $1,000 collision deductable
  • $500 comprehensive deductible
  • Accident rating endorsement (if we get into an accident, we won't be penalized in our insurance rates)
The Kia also has a 5 year replacement cost solution - which basically means if the Kia gets totaled (at fault or not), we would get a replacement; not a repair.

Our annual premiums for both was $1,668 for both and is increasing to $1,763 for both.  If we got rid of the accident rating endorsement and the 5 year replacement solution - we would save $164/year reducing our annual to $1,599.

So I'm really debating that.

The risk of course, is that paying that every year would save us a lot of we were to get into an accident.

Now...Jordan has never been in a collision.

I was in three early in my driving history - but have had zero infractions over the last six years.

So...what do you think?  Do we save the $164 - or do we suck it up and pay for 'just in case'.



  1. I would keep the replacement cost but ditch the accident rating endorsement.

  2. Wow! You must not live in the GTA! My insurance for one car 2009 Nissan altima 4dr is what pay for 2 cars (no tix, no accidents, no issue at all!). I would say keep the replacement cost because you'll get a brand new car out of the deal if you total it, vs getting the "value" of the car.

  3. Correction...what you pay for 2 cars is what I pay for 1 car. Brampton is a high accident/high fraud area and that's where I live...


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