I have a 2011 Infiniti M37 with about 48k miles on it. Kelly Blue Book Value is $18k, I got it new and I own it out right.
The collision portion of my insurance with a $1000 deductible is $1100 per year (I will always keep the comprehensive). In CA if you are at fault in an accident your own insurance or the other party's insurance does not cover property damage unless you have collision insurance. More importantly if you are hit by an uninsured motorist you are only covered up to $3500 in property damage if it is the other party's fault.
I have one at fault accident in 2003 for about $9000 worth of damage and literally the day after I got my car out of the body shop I was hit by an uninsured motorist in a hit and run for damage of $4000.
I can afford to buy a new car in cash if my car is totaled.
Thoughts on me dropping Collision insurance? I also consider myself a pretty conservative driver that does not take risks and or drives dangerously.
I think that we can all agree that almost every type of insurance is -EV (perhaps with exception of Health insurance due to the rigged nature of pre-negotiated prices of insurance rates vs cash rates for medical care).
I did a google search and most resources seem way to conservative about dropping collision coverage. I imagine this has to do with the fact that most people don't have proper "rainy day funds" and generally mismanage their personal finances. Also the average person doesn't think about equity in the way that we do as poker players.