Your Vehicle Is Paid Off | Should You Remove "Full Coverage"?

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Жыл бұрын

You paid the loan off on your vehicle, the bank no longer requires you to have "full coverage" so should you remove full coverage? The answer is usually no, but it also depends on your specific circumstance.
Watch this video to learn if you should remove "full coverage" from your vehicle or not!
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Пікірлер: 24

@curtcoltharp3719

It requires a premium vs value decision. I insure a 20 year old diesel pickup because their values remain high and my premium low. I have a newer Camry sedan that I don’t cover because any hit makes it a total loss and it’s not worth much and I would be lucky to get $2,500 for it. The one coverage that you should never drop is uninsured/under insured motorist.

@NativeNewYorkCityGir

THANKS for taking the time to share such valuable info.!

@southe101

The problem is, if you get in an accident and it is not your fault, third-party insurance claims are a byotch. You will realize how sleazy the insurance companies truly are if you have to experience this.

@HiddenGemindasunshine

I just paid off a 32k 2018 Kia Optima sedan, and the Bluebook value is on 3k 😢 disgusting. I am taking off the full coverage as soon as the title transfers.

@timothythompson4036 Жыл бұрын

Also used car values have skyrocketed. Even if you have an old car it could still be worth $15000. That would be a big loss.

@JOHNSMITH-rq6nw

if your monthly insurance payments are more then 10% of the value of the car then its time to change to third party insurance

@chacaloredo451

can i take it of full coverage if i am still paying a loan?

@JOHNSMITH-rq6nw

BOILS DOWN TO RISK RISK HOW COMFORTABLE YOU ARE

@borg386

So if of your car is not very valuable. Should you have full coverage collision?

@faisalalmannai5747

Scenario A: A vehicle destroys a liability insured vehicle.

@marktweet7395

Banks are pros at this game! Multi car discount! Can’t have umbrella policy! Get ready!

@Support_Ad_Blocker

If you have a decent vehicle, then keep full coverage. If you bought a POS (which is most of them), then no.

@feliciaglover1

I don’t see the point in keeping full coverage? You have people hit your car, and if you have to many claims out you cannot fix, or restore the car. They don’t pay anyway, if you have to many claims. It’s like throwing away money, to the insurance companies, when you could just save on your own.