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Do I need full coverage on a car that's 12 years old?
I have full coverage on my 2009 Kia Sorento. I'm trying to find ways to reduce the cost of my car insurance. Do I still need to keep comprehensive and collision coverage on it?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you’d like to save money on your
car insurance
, removing comprehensive and collision insurance will reduce your rate. However, this is only the case if you own the car outright. If you have a car loan
, you still need to maintain full coverage.If you own the car outright, look at the cost of your vehicle and your finances. Both comprehensive and collision coverage will repair or replace your vehicle in case of damage or total loss. This is especially important if you don’t have an emergency fund to pay for any unforeseen expenses. If you can pay out of pocket, you may want to consider removing full coverage.
Another way to decide whether to keep full coverage on your Sorento is by using the 10% Rule. This rule states that you should only keep full coverage if your annual insurance costs are equal or less than 10% of the actual cash value of your car. If it becomes more than that, it’s time to dump full coverage.
If you decide you’d like to keep full coverage on your vehicle, you can opt to shop around with other companies and hop on
Jerry
to compare rates. You may be able to find a lower rate with another company while maintaining full coverage.”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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