Q If I own an older car that I rarely drive, should I drop my collision coverage insurance?

A 

It’s important to understand how much you pay for collision coverage and assess whether the cost is worth the potential financial risk. For instance, if your car is worth $2,000 and your collision premium is $500 per year, that’s 25% of your vehicle’s value. Additionally, if you have a $1,000 deductible, the most you could ever receive from a settlement would be $1,000. If you have enough in savings to replace your vehicle, you may not need collision coverage.