I Have A 12-Year Old Car. It Is My Only Means Of Transportation, But Should I Keep Collision Insurance On It? I’d Be Lost Without It.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 15, 2021

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The age of your car indicates the actual cash value is rather low. You can keep collision coverage on it, but the insurance company is only going to pay the value of the car at the time of the loss. That is not necessarily what it is worth to you. You can research values of similar cars and prove to the company it is worth more than they are offering, but you still may find yourself without enough money to replace the car. If the insurance company considers the car a total loss, you can buy the salvage back and repair the car and keep it. You may be better off not insuring it for collision damage, save the money for use in repairing the car if you do have an accident. The cost of collision coverage often is not worth it financially. However, comprehensive coverage might be good to keep since it is much less expensive and covers things like vandalism, glass breakage, fire and theft.

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