Do I need full coverage?

Question

I bought my car brand new back in March of 2005. It was paid off later that year in November. My car now is worth around 11 grand. Do I still need full coverage?

I'm looking to try and save money on my insurance.

Answer 1

this is an easy one. can you afford to buy a new car if yours is totaled? yes...then you don't need full coverage. no...then you do. if you can afford to fix your car out of your own pocket if you have an accident then you just need liability. if you cannot afford it, then carry full coverage. you can carry a high deductible to keep the premium down.

Answer 2

Here would be your choice. If you get into a car accident and even think you are not at fault. You will not get the car repaired by the insurance company. Lets say the cost of the repair is $3500.00 and your collision costs are $300.00 per year. It would take you about 12 plus years to recoup that money. Now do you or don`t you?

Answer 3

sure.. if you have 11 grand sitting around to get another car if your car is totalled in an accident. Its amazing how many people think "it will never happen to me"

Answer 4

If you own it outright, no lender to insist on any level of coverage, and you can afford to replace it out of pocket, no, you don't need full coverage.