re: At what point is it worth dropping collision insurance?

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First, I'd be saving the interest of taking out another loan (however small that is in the grand scheme of things)

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As low as the rates have been, you're likely talking about $1500 or less. You'll lose more than that on the inbetween car you get.

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Second, I work in the oilfield. I'm safe for now, but you never know.

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Extremely valid point, and was the reason I edited my first response. That would be my biggest concern if I were in your shoes.