When To Drop Collision Insurance?
Is there ever a time that you should not buy collision insurance?
QUESTION: Ron asks when is it no longer necessary to pay for collision insurance on your car?
ANSWER: The reason people say that is because you can work yourself to a point of being self-insured. But here's the thing, say you drive a $10,000 car. If you wreck it, that's $10,000 out of your emergency fund. $500 a year could have saved that $10k for you.
What it boils down to is transfer of risk. For $500 or whatever bucks a year, I think it's worth it to always carry collision.