Comprehensive and collision insurance both cover any damage to an auto insured with each coverage. Collision insurance covers for the insured auto when damaged in an collision such as another automobile, a tree light pole, building or object. Comprehensive insurance covers damages caused by fire, water, vandalism, theft, animals or public riots. The cost of comprehensive and collision insurance are based mainly on the car’s value. Regardless of how much you pay for comprehensive and collision, you will only get paid what your car is worth minus your deductible. This brings up the question as to when should you drop collision insurance for your vehicle? Do you have a loan on your vehicle? If so, most financing companies require comprehensive and collision insurance on the vehicle until the loan is paid off. Keep in mind, collision coverage only applies for physical damage to your vehicle only. As enticing as it is to save money consider whether or not you can afford to replace or repair the damage done. Is your vehicle an older model? First, you will want to get an accurate amount of what your vehicle is worth, a good place to start is www.kellybluebook.com to estimate this. The next step is to look at the premium you are paying for collision insurance and calculate if it is more than the worth of the value of the vehicle minus the deductible. This is a decision for you as the policy owner for some people it will be worth for others not.