When my car gets older, when do I reduce coverage?

Blue Bell PA Insurance question:

Q: When my car gets older, when is the right time to consider reducing coverage on my vehicle?

A: Although each situation is different, once a car depreciates in value to a certain level, the owner may consider reducing physical damage coverage on the vehicle. The question is to what levelof depreciation is reducing coverage a smart move? Every vehicle depreciates at different rates, so the depreciated value of each vehicle helps an owner decide when may be the right time to reduce coverage.  To find the estimated depreciated value of your vehicle, visit Kelley’s Blue Book and look under “used car trade-in” values for your particular vehicle.

Once you determine the estimated depreciated value of your vehicle, now you need to find out what the insurance costs are for just insuring the physical damage (collision and other than collision) of the vehicle. If you feel the premium for that part of the car’s coverage is too much to spend to insure the depreciated value of your vehicle, then it may be time to reduce or remove collision and/or other than collision (theft, vandalism, glass breakage, etc.) coverage. Consult with your insurance agent for more information.