At what point would you drop the collision on your auto?

Question

According to the KBB.com, my car (2001 Toyota Solara - 86K miles, GREAT condition) is worth between 6600-7200 on a dealer trade-in. I used that choice (dealer trade-in) because I thought any reimbursement amount would be at the lowest possible amount.

I have a 1K deductible.

Thanks!

Answer 1

When your car is worth a lot less or you have enough money saved to replace the car if the accident is your fault.  

Answer 2

if u have a 1000 dollar deductible thats very high...i would drop collision once the value of my car hits about 5000, especially with a 1000 deductible, its not worth the monthly payments on insurance anymore, u could be putting the money ur spending on that aside to get a new car in case something happens to that car, which probably wont. ur pretty much throwing money away by paying for collision. the money that ur paying them just put it in an account and save it. if something happens, the insurance company will only give u what they feel the car is worth and i can almost guarantee that they wont go by KBB..nobody does anymore...