When To Drop Collision On Car Insurance? 
I love this question ! I have clients right now who pay more for collision coverage than they could ever collect on a total loss . It make no sense at all , it 's just what they 've always done . There 's a loose formula that I use in advising my clients about insuring an older vehicle . Look on KBB.com or Edmunds and get a rough idea of what your car is worth . Do n't use the `` clean retail '' . That 's completely unrealistic . Use the average trade or rough . It 'll be closer to the truth . Also check autotrader to get a range of what the cars are being listed for . Once you have a pretty good idea of what your car is worth , compare it to the cost of your physical damage coverage . If the cost of the coverage is more than 10 % of the value , you might consider dropping the coverage . That means that , in about 2-3 years , you 'd spend more than the value of the car . If you do have an accident , you get to make the decision on whether to repair the car or replace it . You 've already saved enough to do either -LRB- if you have n't spent your savings -RRB- . Bottom line , be aware of what your vehicles are worth and act accordingly . Spending money on coverage that would n't pay much does n't make a whole lot of sense . That 's not your agent 's place to decide for you , but we deal with it a lot and can make a suggestion . Find a good agent you can trust and go through the process . You 'll save money in the long run . 