Start with the car's value
Collision and comprehensive pay up to the car's actual cash value, minus your deductible. Look up your car's current value using a pricing guide and subtract the deductible. That is roughly the most you would receive if the car were totaled.
Compare cost to benefit
Ask your insurer how much collision and comprehensive add to your premium each year. If that cost is a large share of the most you could receive, the coverage may no longer be worth it. Only you can decide where that line is.
Questions to ask yourself
- Could I afford to repair or replace this car tomorrow?
- Is the car financed or leased?
- Do I park on the street where theft or vandalism is common?
- Does my area see hail, floods or deer collisions?
- Would I rather keep comprehensive only?
Comprehensive only
Some insurers let you keep comprehensive while dropping collision. That protects against theft, fire, weather and animal strikes at a lower cost than full coverage.
Making the change
If the car is paid off, contact your insurer and ask to remove collision and comprehensive. Check your title to make sure no lienholder remains on record. Keep liability limits at a level you are comfortable with.
Older cars with high value
Some older cars, such as collectible or well-kept models, are worth more than their age suggests. Check the value before dropping coverage, and ask whether a specialty policy would fit better.
Frequently asked questions
Can I add collision back later?
Usually yes, though the insurer may inspect the car before covering it again.