I have an older car. Do I need to keep my comprehensive and collision?
The general rule is when the value of the car is less than the deductible plus the premium. At this point, you are better off saving the money. If the car is worth $3,500 or less, you generally want to reconsider collision. However, if you cannot afford that much, then keep the collision on the car. Each situation is a bit different. You should dump collision before you dump comprehensive. If you carry uninsured motorist property damage coverage, you are playing the odds that you will not get in an at fault accident. You have some control over that. If you are in a not at fault accident, the other person’s insurance will pay. If they do not have insurance, your UMPD coverage will pay.
However, with comp, you have less control. There are a ton of things that can happen.