How much is too much auto insurance on an old truck?

I have an old, reliable pickup truck with high miles that I drive back and forth to work. I have liability limits of 100/300 with a property damage limit of 50. I have always had collision coverage. Do I still need it?

Answer provided by
Shannon Martin
Answered on Apr 26, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
“Deciding on whether or not to carry physical damage coverage, otherwise known as comprehensive coverage and collision coverage, is something that most vehicle owners will have to decide at some point. It ultimately comes down to cost vs. benefit.
Claims are paid out for actual cash value (ACV). ACV is determined by subtracting depreciation from the vehicle’s cost. Depending on the truck’s value, you may want to consider removing the collision coverage and adding comprehensive coverage. This will cut your insurance premium drastically while still providing some coverage for things like theft and fire.
Your liability insurance limits appear to be sufficient for most situations, but it may be inexpensive to increase your limits if you need more protection.”

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