When insurance for the car, costs more than the car is worth. Well, anonymous is definitely right. If it has reached that point, you probably need to buy a car that's worth insuring. I'd suggest that you drop the C&C when you feel that you could comfortably afford to buy another vehicle of equal value. I've heard a good general rule of thumb is when your annual collision and/or comprehensive premiums start to exceed 10-15% of your cars current market value.
When you own the car free and clear and know you will be able to repair or replace the car without insurance if there is a loss, or when you know you don't really need the car or the value of it if you no longer have it or the use of it due to a loss. Note also that you can drop Collision but still carry Comprehensive, and if you hit an animal, that would normally fall under Comprehensive rather than Collision. Since Collision is normally much more expensive than Comprehensive, this is worth considering if you're a safe driver and not likely to have an at fault collision. With this option it's even more important to carry Uninsured/Underinsured Motorists coverage.
You have to weigh the value of your vehicle versus the cost of the insurance. If your vehicle is still financed you are required to keep full coverage on the vehicle. Another good option is to drop collision and keep comprehensive on the policy. Collision is if you hit something or turn it over and comprehensive is everything else including animal collisions and broken glass. The higher premium is on the collision.
Let start assuming by full coverage you mean Comprehensive and Collision coverage is included on the policy. Comprehensive and Collision coverage is always optional no matter how old or new the car may be if you have the title to the car. If you don't have title, meaning it is financed or leased, then your lender most likely will require that you keep Comprehensive and Collision coverage. The decision to have or not have Comphrensive or Collision is a personal one that needs to be based on the value of the car and how much you will have to pay for the Comp and Coll premiums. You also have the choice of just deleting Coll. but keep the Comp. By doing this you would reduce your premiums but still keep coverage for damage covered by Comp. Also consider adding Uninsured Motorist Property Damage if you drop the Coll. By doing this you think that because you are a good driver and unlikely to be the cause of the accident you retain coverage for things that are out of your control and save money at the same time.
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