I’ve decided to cancel collision and comprehensive coverage on my car. This move reduces 6-month premium from ~$620 to ~$450.
Even though having the insurance made me feel safe, the real purpose of insurance is to protect me against costs I cannot shoulder. My cash reserves, coupled with the actual cash value of my car, meant that comprehensive/collison coverage didn’t make much sense. I already had a high deductible of $1,000.
I can get a reasonably reliable late-90s Honda for $5,000 to $6,000, so I think I’ll be okay.
As for liability coverage, I am maintaining 50/100/50 coverage ($50k per person, $100k per accident, $50k property). Here’s hoping that I’ll never have to use it.