I am trying to figure out how to determine when it is no longer valuable to pay for collision and comprehensive auto insurance coverage. I have 2007 Honda Accord. I live in NJ. I have enough in savings that I could self insure for a loss up to say 5,000. My total car insurance premium for the year is about 1,125. The comprehensive costs 65 and the collision costs 323. The deductible is 500. The car value is currently between 7,000 and 9,000.
At what point should I drop the comprehensive and collision insurance?
At what point should I drop the comprehensive and collision insurance?