Where's the protection?
If you buy a stock for $50 and it drops to $20 by expiration, the loss is 30 points.
If you buy a stock for $50 and you execute a 45p/55c no cost long stock collar, the loss is only 5 points at expiration.
If you want more protection or a higher reward potential, you can shift the risk graph by selecting strikes that are not equidistant away from share price. This will result in some amount of debit to put on the collar.
Prior to expiration, as the underlying drops, the put increases in price and the call decreases in price. As a hypothetical example, if these were 30 IV options and the stock dropped immediately, the net loss might be only 3 points at $45. The higher the IV, the less the loss would be. The closer you are to expiration, the lower this mitigating factor would be.
If the underlying collapses below the long put strike and IF you still want to own the underlying, you could roll the options down, lowering your cost basis. This will add more potential loss but will lower your upside break even price.
Note that long collared stock is synthetically equivalent to a vertical call spread so if opening all 3 legs simultaneously, consider the 2 legged critter to potentially reduce commissions and B/A damage.