My Car Is Old, And Not Worth Much—Do I Need Collision Coverage?
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UPDATED: Jul 16, 2021
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If you have an older car that is not being financed, you can probably save money on your monthly premium by dropping collision coverage from your car insurance policy. Your agent can tell you how much. The agent can also tell you approximately how much that same coverage would pay if your car was totaled. For an old car, you may find that collision coverage would pay only a nominal amount in the event of a major accident, while eliminating it would mean significant savings.