If your truck is paid for, you can drop your collision, but you will be responsible for your own repairs should there be an accident. So it comes down to this, at what point are you willing to repair your truck your self, or fork out for repairs out of your own pocket should you be in an accident ? You could always start a small savings account, and put in the extra money you are paying for collision until you have a decent nest egg saved up in case you have an accident. When you have say 4 thousand or so put away. If the truck is totaled in a wreck, you would have a down payment for a new one anyway, and if you have a fender bender, that should cover it or at least part of it.