Skip collision and comprehensive coverage and go for just liability if the cost for both, plus your deductible, is close to the actual cash value of your car.calculator
For example, if you have a $500 deductible and your car's value is $2,500, then the most you can recover in a total loss is $2,000. At this point, you need to decide if it is worth it for you to pay for collision and comprehensive coverage.
The annual average cost for comprehensive and collision combined is $440, according to the Insurance Information Institute (III). You can find the actual cash value of your car by looking it up at Kelley Blue Book or the National Auto Dealers Association.
Penny Gusner, the consumer analyst for Insure.com, says the “10 percent rule” may also apply. Consider skipping the optional coverage if it costs more than 10 percent of what you'd get from your insurer following an accident that totals your car. The pay out after a claim would be the value of your vehicle minus your deductible.
Let’s say your car is worth $3,000 and you have a $500 deductible. Your potential payout would only be $2,500 if your car was totaled and you placed a collision claim. Using the 10 percent rule, if your collision and comprehensive premiums cost $250 or more a year, it's time to consider dropping the coverage.
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