Dropping collision coverage on an older car - need advice

[Never Again]

I drive a 1998 Accord, 204,000 miles. The book value is in the $3k range. I still have collision on my policy - $212 premium for this coming year with a $500 deductible.

I would consider dropping it but the way my policy reads, the collision coverage does not just cover my car but also the damage that I could cause to other cars. My agent had told me that as well when I brought up the idea of dropping the collision coverage.

If that is true, then how does anyone ever have peace of mind if they drop collision coverage, even on an old or worthless car?

I had always thought that collision coverage was just for damage to my vehicle and that other coverage ("damage to someone else's property") was the part that would kick in if I damaged someone else's car.

Welcome any input on this.

[Maxamillion]

I have a rather old car and liability is all that I have. As far as I know, it covers damage to the other person's car.

[creaker]

I've had liability and that covered other cars, just not mine. What would be the point of insurance if it didn't cover anyone's collisions?

That said, maybe an insurance company would set it up that way, I don't know.

[rosarugosa]

Never Again,
I also live in Massachusetts. Collision coverage is for damage to your own car. You are correct that "Damage to Someone Else's Property" is just what it says. In MA, it is compulsory to have at least $5000 of this coverage, although many of us carry higher limits (I have $100,000). "Bodily Injury to Others" is another area with low compulsory limits, but many carry higher limits to protect from being sued. I don't carry collision on my 1995 Saturn, because the actual cash value of the car is minimal, so insurance wouldn't pay me much for my car even if it was totalled.

[Never Again]

Never Again,
I also live in Massachusetts. Collision coverage is for damage to your own car. You are correct that "Damage to Someone Else's Property" is just what it says. In MA, it is compulsory to have at least $5000 of this coverage, although many of us carry higher limits (I have $100,000). "Bodily Injury to Others" is another area with low compulsory limits, but many carry higher limits to protect from being sued. I don't carry collision on my 1995 Saturn, because the actual cash value of the car is minimal, so insurance wouldn't pay me much for my car even if it was totalled.

Thank You!! I appreciate your response. That is certainly what I thought. I am going to go to my insurance agent (AAA) and ask them the same question - mainly to see if they lie to me again, which they did a few years ago when I brought this up.

I also have higher than compulsory limits on property damage and bodily injury.

My collision coverage is only 200 annually but to insure a car that is worth about 3200 max, I may decide to drop it.

I plan to keep the comprehensive (only 97 per year) mainly for the glass coverage.

[rosarugosa]

Yes, I keep my comp coverage for the same reason!

[herbgeek]

Another Massachusetts person chiming in: You could also get limited collision on your car, which is much cheaper. This will pay you if the other driver is at least 50% at fault. We got this for my husband's older car, as we wanted to be protected if he was hit through no fault of his own. If its your fault, however, you are out of luck. :)