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Should I drop collision coverage?

My car is recently paid off, my deductible is $500 and it has 192k miles. I drive 35k miles/year. I have no desire to buy a new car, and having full coverage makes sense to me. The money isn’t an issue. I’m happy to save money by switching to less coverage but it’s not enough reason for me to switch.

Agent Answer

Ava Lynch

Generally speaking, if your vehicle is worth less than $4000 you might not need “full coverage”. I recommend getting an estimate by using Kelley Bluebook as well as NADA to see the value of your vehicle. If your vehicle is worth more than $4000, you might consider raising your deductible. Because your premium and your deductibles are inversely related, by raising one you lower the other.

If you’re looking for more information regarding deductibles, full coverage, and car insurance in general, see our articles below.

Car insurance with a $1000 deductible
Car insurance with a $500 deductible
Car insurance quotes

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