$5,000 used to be my cut-off for a trade-in value, but collision didn't cost much more than liability for my old '97 Outback that's worth about $4,000 to $4,500, so I kept full coverage on it another year.
My '99 Quest is only worth perhaps $2,000, tops, so I dropped collision on it a while back.
You may want to search around the threads in the Questions About Auto Insurance & Accidents CarSpace discussion. I asked a similar question in there probably a year or more ago and the topic comes up now and then.
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