I paid off my 2005 Ford Focus in November 2013. I am still carrying full coverage, but I have been told that's a waste of money. Should I go to liability only? Our data show that 40 percent of drivers who own 2005 model cars are buying comprehensive and collision coverage - or what's known as full coverage. (See " When to drop collision coverage -- and risk it all.") The overriding question is whether you can afford to buy another car if this one were stolen or destroyed. If you don't have the savings to buy another car or the income to make monthly payments, you're taking a much bigger chance when you drop comp and collision. Some parts of New Jersey, your home state, are vulnerable to storms. Some areas are thick with roaming deer and others with car thieves. You'd be foolish to tempt fate if you can't afford to replace your ride. Insurance is a way to make an unmanageable loss manageable. But if you can manage such a loss, and this is purely a money-saving exercise, do the math. For example, a 25-year-old woman with a clean driving record living in Stirling, N.J., would pay about $1,302 a year for “full coverage” (50/100/50 liability, uninsured motorist, personal injury protection and comprehensive and collision coverage with a $500 deductible) on a 2005 Ford Focus ZX4. Dropping comprehensive and collision, she would pay about $806 a year - a savings of $496 a year. The car is worth $3,702 as a trade-in and $5,234 in a private-party sale, according to Kelley Blue Book. Let's use the midpoint, $4,450, as the “actual cash value” an insurance company would pay. If her car were totaled tomorrow and she still carried full coverage, she would get a check for $3,950 - the actual cash value of the car minus her $500 deductible.