How long should I keep collision insurance on my vehicle?
I've owned my vehicle for eight years without having an accident, and I'm starting to think that I don't need collision insurance anymore. How long should I keep collision coverage—and if it doesn't seem to be useful, should I get rid of it?
“First off, that’s an impressive driving record—congrats! As a general rule, you should only keep collision coverage on your car if the annual premium is less than 10% of the value of the car.
However, you may find circumstances where you would want to keep collision insurance. For example, if you have a collector’s car, a classic car, or the vehicle has sentimental value, you may want to keep collision on your car insurance policy.
If the policy is getting too expensive, shop around with tools like the Jerry app. We’ll get you customized quotes from multiple providers so that all you need to do is choose the policy that works best for you. And if you want to switch, we’ll even help with that!
Congrats on your record again and keep driving safely!”
MORE: Classic car coverage
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