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WOW, struck a nerver huh Kane? Let me clarify my position here. Yes, you should have enough insurance to cover your ass, set your limits high enough that it will cover your butt. However, a large percentage of these cars we're talking about are $1000.00 cars. Paying for the extra coverage to fix your car is not really financially prudent in my opinion. The car is worth $1000.00, $1500.00 tops, you get it totalled and they give you $1000.00 tops for it and now you have a car that is bent to hell to some degree, totalled so you have to jump through the hoops of the DMV to put it back on the road and deal with paint and body work to make it right again. Between the extra money you will be spending on premiums, the money you will spend re-certifying it, and the money you will spend on paint and body work you would be money ahead to go find yourself another $1000.00 Volvo.
I am in the business so I see this stuff come through my door on a regular basis and talk to the guys who make a living out of going to the public auctions every week and middle manning these cars that they pick up for $200.00-$500.00 all day long. Heck, I just picked up an '84 244 GL for $130.00! The car was in great shape but it needed a MAF sensor, I advised the people to put in the sensor and drive the car as the rest of it was in great shape. They declined the repairs and asked if I wanted to buy it, I told them they owed $70.00 diagnostic on it and that because it did not run it was worth $200.00 tops. All three of my kids drive 240 wagons and I paid no more than $500.00 for any one of them.
The deals are out there and unless your older 240 is really something special the added expense of insurance to fix it when it get wrecked just doesn't make sense. By all means have enough coverage to cover your but and only you can decide how much is enough.
Mark
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