One factor is the additional cost of keeping comprehensive and collision above and beyond the cost of liability. For example, if dropping comprehensive and collision (but maintaining liability) will lower your monthly insurance payment from $100 to $55, then your premium to transfer your risk to the insurance company is $45 a month.

A second factor is the declining market value of your vehicle. Although premiums may drop while the value of your vehicle drops, it’s unlikely they will drop proportionately. In other words, your vehicles value may decline at a faster rate than your premium. For example, consider a vehicle that was worth $8,000 three months ago but worth only $7,000 now. Now consider that your premium hasn’t changed.

It’s unfortunate, but we also have to consider the screw factor. You should realize in advance that if something unfortunate does happen, there is the real possibility that your relationship with the insurance company will turn adversarial (and in a hurry), so don’t forget to include this as a part of your consideration. For example, if your $8,000 vehicle has a $1,000 deductible, don’t think for a moment that you’re going to get a check for $7,000 in the event that your vehicle is totaled. Do not fail to consider this factor. Think of your relationship as being a ship at sea—you are the ship and the insurance company is the water. All if fine when the waters are calm, but water cares not about what is moral and what is not when your insurance claim brings about a storm.

A fourth factor is determining the financial impact of having to come out of pocket should something happen. If you have a few thousand dollars in savings earmarked for such a purpose, then an accident may result in being no more than an inconvenience, but if you have no savings and are financially strapped, then what could have been a mere convenience could result in a full blown crisis. Ask yourself to what extent will losing your vehicle (with no insurance beyond liability) devastate your financial world.

I do not have a calculus formula to bring this all together, but for many people, I suspect they should carry some form of protection beyond liability if their vehicle is worth more than $5,000. Also, I wouldn’t see a great pressing need to carry comprehensive and collision if the vehicle is worth less than half that, so the decision to keep or not keep it would likely fall between $2,500 and $5,000—exceptions do apply. I would tend to gravitate towards the low end if you have no savings and towards the high end if you do.

At any rate, those are a few quick thoughts I had on the issue.

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Property investment is a term that most people are familiar with. People usually invest money when they have a surplus or when they are planning for the future. The very careful ones opt for government securities and the adventurous ones go for stock markets. Where does the property investment stand on this line between the secure and the risky?
If anybody is thinking long term then property has no parallel as it has been seen that in a larger time frame land never betrays. Property can be used to get rental income or can be used to secure a loan for any business venture alongside the property. Property investment also requires detailed research before the deal is drawn. Bear in mind that if the property is upon a disputed land then there are risks of recurring loss. On the other hand, if the property is situated at a location where many facilities are accessible then the prices will appreciate significantly over time. Any kind of Property Investment has been and shall always be one of the best kinds of solid investment opportunities.

Finding the best auto insurance company would certainly help. But did you know insurance rates actually vary between individuals? Consulting auto insurance agencies is one way to go about searching for your low-cost insurance carriers, but is not necessarily the most efficient. Instead, look into the most useful resource for your car insurance needs that’s at your disposal, the Internet. The insurance portal gets the latest rates available in your area, and tries to match this information to what you’re looking for. So if you’re thinking of switching to a cheaper insurance policy, car insurance portals are the way to go.