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Do I need full coverage on my car after it's paid off?

I just paid off my 2015 Honda Civic. I was required to have full coverage by my lender. Since it's paid off, do I still need full coverage? What insurance is recommended for a vehicle that's paid off?

Emily Maracle · Updated on Aug 30, 2023

Reviewed by Shannon Martin, Licensed Insurance Agent.

“While you aren’t required to keep full coverage on your vehicle after it’s paid off, you may want to consider keeping it. However, your car insurance coverage will depend on your budget, the condition of the vehicle, and if you can afford to pay for maintenance out of pocket.

Both

collision insurance

and

comprehensive insurance

protect your vehicle from damage. If your vehicle is damaged in an at-fault accident and you only had

liability car insurance

, you would pay for the damage to your vehicle.

Most experts recommend keeping the highest amount of coverage you can afford on your vehicle. If you can afford full coverage on your vehicle, keep it. If it’s causing you financial hardship or the cost of your insurance outweighs the value of your vehicle, you may choose to reduce your coverage to liability only.”

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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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