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Does your car insurance change once you pay off your car loan?
My car will be paid off next month. Do I need to do anything with my car insurance? Will my coverage change?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your
car insurance
coverage won’t change after you pay off your vehicle unless you decide to make changes.Before you make any changes to your coverage, call your car insurance company to remove
the lien
from the policy. If your vehicle is totaled in an accident, the payment will now go to you instead of your lender.Beyond this, analyze the coverage on your policy. Some people choose to reduce the amount of coverage they carry once their vehicle is paid off, but this isn’t a steadfast rule.
You can continue to have
comprehensive insurance
and collision insurance
, or you can opt for liability coverage depending on your needs and financial situation.”View full answer
- Gregory R.
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