I've just paid off my car. What car insurance coverages are now safe to drop (since I now own it outright)?

Answer 1

You only need liability now.

Answer 2

well from a painters point of veiw scraping a pole can cost u 5k. i would keep full coverage the 30-50 bucks a month u save for liability jsut isnt worht not having. if you get in wreck and its ur fault YOU have to pay for your med bills unless u have full coverage. liability only covers the person u hit. now look at 30-50 bucks a month thats ruffly 1 cup of coffee a day for a month so dont buy that coffee. more and more insurance companies are giving you a rebate check in the mail for 6 months of no claims. which drops your 30-50 bucks a month to 20-40. shop around insurance companies and see which ones do that (remember they make there money on you not making claims) also if you have a 500 dollar detuctable dont turn in damage for 1000 or less to your insurance company alot of shops will take payments and you have too pay that 500 no matter what for EACH claim. i think allstate, farms and gieco all give you a clean driving record rebate

Answer 3

If the car has some monetary value then I would keep full comp, and coll. Then just up your ded's a little, and that would lower your rates. Other wise if you don't give a **** about wrecking the car drop both comp, and coll.. I would never recommend dropping both, I would if anything drop the coll, and keep the comp. That way if it hails, floods, or something falls on it, then your still covered. Or if it gets stolen, or vandalized, or gets hit by a missle then it woud be covered, or if you hit a deer. You'd also be covered. If you drop coll you will save quite a bit since that is the most expensive part of the insurance.

Answer 4

That depends. If you car disappeared tomorrow, with no insurance coverage, do you have enough money to buy another one? If you don't, you cannot drop collision and comprehensive coverage. Just read the questions on this site and look at the people that go "help! I have liability on my car, and my insurance company won't pay for the hit and run on my car!" or similar complaints.

Answer 5

Not enough information to say drop this or that, however
Things to consider, if you can replace car for cash in the event of an accident you could drop the collision. If it costs too much to replace in an accident situation forget that.
Fire, theft etc also apply to that.
Ex. if your insurance is $1000.00 a year & your vehicle is worth 1500.00 or less than drop all the extras.
On a newer vehicle (value 10,000 & up) even a minor clip on fender or dent in mirror will run over a $1000.00. You don't want to have to fork out any cash for damages, theft, fire etc.
Anything in between depends on what you put the value verses risk on.
Good luck

Answer 6

That depends on if you have cash in the bank to buy a replacement vehicle if you total out yours (whether you're at fault for an accident or not) or if you have cash in the bank to repair your own vehicle (whether you're at fault for an accident or not). If you can't afford either then you should keep comp/collision on your vehicle. If you're hellbent on dropping either, at least have enough sense to carry UMPD (uninsured motorist property damage) but know in advance the maximum paid out to you will be $3500 and that's assuming you are 0% at fault for a collision with an uninsured motorist.

If your goal is to lower your rates, try raising your deductible on comp/collision. You must maintain liability.

Answer 7

The only thing you can drop is comp and collision ( that amounts to much savings-all the rest is nickel and dime) which might not be a smart choice if the car has any significant value!

Answer 8

You can go with what your state's lowest category is, liability only. Depending on the car you drive, it may be wise to hang on to full coverage, especially if it is newer.

Answer 9

If you r car is only worth 2K then drop comp. and collision. If it's worth 5K then it will probably be worth the extra to retain full coverage (unless you're a gambling man...)

Answer 10

comprehensive and collision


all you NEED is liability.
in my state its 50,000/100,000/25,000

i also get uninsured/underinsured coverage cuz its cheap and it covers hit and run accidents.