I think dropping collision when you can cover the cost of the car. To add collision to our cars it would be double what we pay now. So about $1800/year. To replace one car it would take 2 years. That’s easily worth the risk to me.

But depending where you live insurance could be a lot less. Where I live it’s expensive unfortunately so carrying collision isn’t worth it.

On some policies, you can also get an additional discount for paying by automatic deduction from your account, or for taking an online “safe driver” class.

I try to call my insurance company every two or three years just to quiz them on any ways they can think of that they could lower my premiums other than reducing coverage. Since I first did it about six years ago, I’ve probably saved about $1,100 for the time it took me to make three phone calls. It’s also good to be reminded what the coverage is (and isn’t).

The question I still haven’t solved is when to drop the collision coverage on an older car. My car is now more than 11 years old, but very low mileage. Assuming no accident, I could expect to drive it another 5-10 years, but an accident would probably see it totalled at a pretty low $ value.

Any insight on this issue?

It works the other way too, if you need to make a claim & haven’t kept your situation current, they can refuse it outright.