With cars maintaining value much longer these days, I keep collision insurance on uch longer. I had a 2008 BMW that I bought used in 2015. I traded it in a year ago, so it was 13 years old when I got rid of it. I kept collision insurance on it the whole time I owned it, because any repairs from a fender bender would be much more expensive than my deductible + premum.
I had a 1999 Honda CRV for 18 years. I didn’t drop the collision on it until it was 12 years old.
My personal rule of thumb on collision insurance is to carry it as long as I would get the car repaired. If I won’t get the car fixed, then might as well drop the collision insurance.
Liability is required, so there is no choice,