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Do I need to keep full coverage on 2013 Toyota Corolla once I pay it off?

I'm going to be paying off my car soon and I'm considering dropping my full-coverage insurance. My six-month premium would be cut in half with just liability. My car isn't in the best shape, so I'm not really concerned about damage.

Emily Maracle · Updated on May 7, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

“As most finance companies require that you maintain

comprehensive coverage

and

collision coverage

, you could drop them once you pay off your loan.

However, before you switch to

liability insurance

only, you should consider the cost of getting a new vehicle if your Camry is totaled.

If you wouldn’t have trouble financing a new car, then you can drop your full coverage. But if it would be difficult to obtain another vehicle, you should maintain full coverage.

If you mainly want to drop full coverage to save money, you should first get quotes from other car insurance carriers. By shopping around, you may be able to find a more affordable rate for full coverage.

If you’re looking for a new insurance company,

can provide you with competitive quotes in under a minute. “

View full answer

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