Drop auto comp and/or collision

Honda CRV 2007, average condition, 135,000 miles with little driving now…KBB & Edmund approx value $5109–5433. Geico comprehensive $500 deduct, 6 month premium $12.93…Collision $500 deduct, 6 month premium $99.21…so semi-annually for both $112…would like to lower costs…thoughts please

Clark Howard says dump collision / comprehensive if annual premium exceeds 10% of car value


You should insure against losses that you can’t afford.

If you can’t afford to just lay out over 5,000 for another car then keep this one insured.


It costs you $225/year for a potential payout of $5,000 on a total loss. I’d keep it, because I expect a total loss maybe once per decade. You’d have to average 20 years before experiencing a total loss to come out ahead (statistically) by dropping it.

But as fuzz already said, you insure against things you can’t afford. If you couldn’t afford to replace the car outright if it were totaled, then keep the full coverage.

For whatever it’s worth, I keep full coverage on a car I thought was worth about $5,000 (until reading your post–mine is several years newer and less than 100k miles so maybe it’s worth more than that) for about that much. I could afford to buy a new car in cash if necessary, but we’ve had three total losses in 20 years, so the odds tell me to keep the full coverage.


Thank you, this makes sense for me to keep it for now. I would be able to lay out $5000 if I dropped it, but it would take a chunk out of savings/emergency expenses. Maybe I will also shop around for rates, although I have been satisfied with Geico and it’s bundled with homeowners.

Exactly correct, a one size fits all answer is a bad idea. Insurance is to protect you financially. Since we all are in a different position financially and have different risk tolerances, our “correct” answers would be different too.


Our collision is similar costs. Our liability and comprehensive is thru the roof