Collision and comprehensive coverage help pay to repair or replace your own car after an accident, theft or certain other events. That protection can be valuable on a newer vehicle. On an older car with a lower market value, though, the cost of that coverage over time may approach what the insurer would actually pay out after a claim.

Look up a rough estimate of your car's current value using a reputable pricing guide, then compare it with what you pay each year for collision and comprehensive. Also consider your deductible, since any payout would be reduced by that amount. If the numbers look lopsided, dropping or adjusting these coverages may be worth discussing.

This is a personal decision, not a rule. If you could not afford to repair or replace your car out of pocket, keeping the coverage may still make sense. If your car is financed or leased, your lender may require it. Talk it through with your agent before making changes.