When it comes to collision coverage on the auto policy, the guideline many people go by is to delete collision after the vehicle is ten years old. Many believe that after the ten-year mark, many vehicles are not worth enough to warrant keeping the expensive collision coverage on the policy. Nowadays, things are not that simple. Below are a couple of reasons why I think the “ten year” rule no longer applies.
Vehicles tend to hold their value for much longer now than in the past. There seem to be a couple