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Compare what you pay each year for collision and comprehensive with the most you could ever collect, and check the 10% rule.
Collision and comprehensive (together often called “full coverage”) pay to repair or replace your own car. As a car ages, its value drops but the premium often doesn’t. At some point you pay more to insure the car than the coverage could reasonably return. This calculator shows where your car stands.
Most you could collect = Car value − Deductible. Premium share = Annual collision + comprehensive premium ÷ Car value. Common rule: consider dropping when the share is above 10%.
A car worth $6,000 with a $1,000 deductible can pay out at most $5,000. If collision and comprehensive cost $900 a year, that is 15% of the car’s value — above the 10% rule — and about 5.6 years of premiums would add up to the most you could ever collect.
A rule of thumb: if the yearly cost of collision and comprehensive is more than about 10% of the car’s value, consider dropping them — as long as you could afford to repair or replace the car yourself.
Usually not. Lenders and leasing companies require collision and comprehensive until the loan or lease ends.
It can make sense. Comprehensive (theft, hail, fire, hitting a deer) is often much cheaper than collision. Ask for each price separately.