Should You Drop Collision Insurance on Your Car?
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Updated: March 6, 2023
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About Mark Fitzpatrick
sources
- Kelley Blue Book. "What is 5-Year Cost to Own?." Accessed March 3, 2022.
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Lenders usually require you to carry collision coverage. But collision insurance may not be necessary for some situations, like when you've fully paid your loan or your premium is higher than your car's actual cash value.
Updated: March 6, 2023
Advertising & Editorial Disclosure
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.