On his podcast, Clark Howard answers real reader questions on money, credit, debt, retirement, travel, and more, along with co-host Christa DiBiase.

Clark's answer: Well, Mary, congratulations on being retired and congratulations on having your vehicle paid in full – which is a great feeling! With 115,000 miles, that car still has a long way to run. It's really just getting started.

With a current market value between $12,000 and $14,000, your Subaru has far too much value for you to drop your collision and comprehensive coverage. My general thumb rule is that you only start thinking about dumping full coverage when the annual cost of that coverage exceeds 10% of the vehicle’s remaining market value.

More importantly, ask yourself this key question: If your car were totaled tomorrow and you had to come up with $12,000 to $14,000 out of pocket to replace it, what kind of financial harm would that cause you? Since you mentioned you don't have extra funds to trade in or take on a monthly car payment in retirement, losing that car without an insurance payout would be a huge financial blow. For that reason, you should definitely keep your full coverage intact. You can revisit this decision years down the road when the car's value drops substantially, but for now, keep it covered and enjoy retirement!