Automobile collision insurance is near the top of the most expensive components of an auto policy. The cost can be nearly that of your liability insurance.
Older cars with insignificant value often don't warrant the cost of collision coverage. If the cost of post-accident damage repairs exceeds a car's value, your insurance company is only obligated to pay you the vehicle value less your collision deductible.
If a car value is less than a few thousand dollars due to its age, high mileage, or physical condition, it's probably wise to drop collision coverage. It's possible to still protect yourself for vehicle damage caused by an uninsured driver, and self-insure only those collision incidents that you cause.
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