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Payoff vehicle?

When you pay your vehicle off do you drop your full coverage?.Why or why not?

Answer Question

Asked by mamaofficer at 12:46 AM on Jun. 29, 2011 in Money & Work

Level 31 (50,120 Credits)
Answers (9)
  • You can however why would you. It's good to have full coverage just in case. You never know.

    Answer by luvmygrlz at 12:54 AM on Jun. 29, 2011

  • I do have full coverage,but i was wondering does anybody drop it and why?

    Comment by mamaofficer (original poster) at 1:01 AM on Jun. 29, 2011

  • Depends on the value of the car at that point. Might be worth discussing with your agent. At the very least you need liability. Both of our cars are paid off, and we have full coverage on both.

    Answer by musicpisces at 1:02 AM on Jun. 29, 2011

  • We don't carry full coverage once the car is 5 years old...

    Answer by GoodyBrook at 1:47 AM on Jun. 29, 2011

  • I haven't kept full coverage, and I think the reason that they didn't really care is b/c I have the GAP insurance. Once I pay it off (hopefully by January) I will put full coverage on it b/c I won't have any good insurance on it. I just couldn't afford full coverage on top of the payment...

    Answer by SAMNMAYASMOM at 2:04 AM on Jun. 29, 2011

  • I don't have full coverage but my agent assigned me to something more then just libality, they'll pay a little if something happens.
    I did have full coverage for several years but my car is a 2002 & I don't want a car payment, so I'm holding out as long, as I can. For that payment and full coverage insurance.
    Depends if you need the extra money...

    Answer by SassySue123 at 2:13 AM on Jun. 29, 2011

  • I agree on talking with your insurance agent about your options. You should always insure what you can't afford to take the risk for yourself. I have a friend who dropped full coverage, and then unfortunately rear-ended another car and caused significant damage to her own vehicle. Her insurance covered the other car's damage, but she was on the hook for $4000+ in damages to her own car. If you have a healthy emergency fund, and you can afford that kind of an expense, then you might drop full coverage. If not, then you might want to keep it.

    Answer by NooraK at 7:25 AM on Jun. 29, 2011

  • My rule: don't drop the full coverage until you've saved up your savings to replace your vehicle if you total it...

    Answer by 1st_time_mom23 at 8:49 AM on Jun. 29, 2011

  • We kept full coverage on my husbands truck. We just bought a Maxima to run errands in since we both have gas guzzlers, we will run only liability on it.

    Answer by kc932 at 11:21 AM on Jun. 29, 2011

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