Quote:
Originally Posted by Sanford
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We can take a policy for actual cash value, and save a couple of hundred a year. That policy will pay the current value of the mh. Thoughts on pros and cons?
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I'm certainly no expert...financial, insurance, or otherwise...
but my opinion about insurance questions like this one are that if I am in a financial position that it wouldn't be too big of a burden for me to take actual value and make up the difference to replace it, then I'd most likely take the gamble and take the couple hundred per year.
If I spent in, then I hope it was for something fun
or I could invest it, and then over a few years I'd have a decent pile of cash
or if the worst happens, then it does....but I've already established that I can take that hit without too much of a burden so if that does happen and that's the worst thing that happens to me, then well, it's not too much of a burden....
If on the other hand the difference in current value and the replacement cost would be a big burden.... as in put me under, or make me homeless.... well then, I wouldn't take that gamble and I'd spend the couple hundred per year so that I could sleep easier....
This is how I've thought about collision coverage anyway. Am I wrong for thinking of things that way?
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