You may want to drop comprehensive/collision coverages on older cars. Comprehensive coverage pays if your car is stolen or damaged by fire, flood, hail or wind, where as the collision coverage takes care of the cost of repairing your car if you are in an accident, regardless of who’s at fault.

However, if your car is not worth much, why pay a premium for repairs on a vehicle you will probably replace if it is badly damaged?  Collision damage for an older car can cost more than the car is worth.  Think about dropping collision if your car is worth less than $2,000 or if your premium is equal to 10% or more of the value of your car. But remember that you generally can not drop collision until your auto loan is paid off.

You can check the value of your old car in the “National Automobile Dealers Association Official Used Car Guide,” known as “The Blue Book”  or on the Internet, a faster, more efficient procedure.