I generally recommend that my clients drop the collision coverage once a vehicle is nine+ (9+) years old. At this age, the costs seem to surpass the benefits — you’ll probably never come out “even” should you have an accident. Since it’s 2006, I’d probably advise my clients not to carry this coverage on vehicles of model year 1998 or older.
Of course, if you have a loan on the vehicle, you may need to wait until this obligation is resolved before you take this step.
Other factors may weigh in too. I mean if you have a terrible driving record, the collision premiums are probably higher than for a driver with no accidents. But, statistically you’re more likely to have another accident if you’ve had one already.
