Is it worth having full coverage on a 10 year old car?

Is it worth having full coverage, meaning comprehensive insurance, on a 10 year old car in Australia depends on car value, your finances and risk. A 10 year old car like 2015 Corolla, Mazda3 or i30 is worth $8,000 to $15,000 market value. Comprehensive insurance for such car costs $700 to $1,200 per year with $600 to $800 excess. If car is worth $12K and you have at-fault accident causing $8K damage to your car, comprehensive pays $8K minus $700 excess = $7,300, which is more than premium, so worth it. If car is worth $5K, premium $700 plus excess $600 equals $1,300, almost quarter of value, may not be worth it, better to have Third Party Fire and Theft $500 per year covering damage to others plus fire and theft. Consider if you can afford to replace car out of pocket, if not, comprehensive worth it. Also consider if you have loan, lender requires comprehensive regardless of age. If car parked on street in high theft area, comprehensive worth it as theft risk. If you have good no claims rating 60% discount, comprehensive cheap. For 10 year old car worth $10K+, comprehensive generally worth it for peace of mind, as average repair cost $3,500 to $7,000 and one at-fault accident without cover costs you $10K to replace car. If worth under $6K and you have savings, Third Party Property Damage $400 per year may be enough. So for 10 year old car worth over $8K, full coverage worth it, under $5K not.