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Do I still need full-coverage auto insurance if I've paid off my car loan in full?
I just paid off my car loan in full. I want to save money on insurance, but I'm not sure if I can change my coverage to something cheaper.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Once you pay off your car loan, you’re no longer contractually obligated to carry full-coverage car insurance.
But that doesn’t mean you should completely drop your coverage in favor of
liability insurance
only.Instead, think about the value of your car. Is it worth $10,000 or more? If so, keeping
collision coverage
and comprehensive coverage
might be worth it.If you’re comfortable taking a total loss on the car in the event of an accident, getting liability-only insurance might save you money.
Whatever you decide, check out
Jerry
to compare car insurance rates and get the best deal possible.”View full answer
- Gregory R.
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