Should you keep full coverage insurance on your car after it is paid off?

Question

Should you keep full coverage insurance on your car after it is paid off?

Answer 1

If your car catches on fire and burns, can you afford to replace it?  If someone with no insurance crashes into your car and totals it, is that a problem?

I've had people with old junkers that kept full coverage because they couldn't afford to replace the car - and people with a lot of money, that had brand new cars with just liability.

You should discuss this with your agent.

Answer 2

of course you should.....it depends if you can afford to buy a new car without insurance money if you were to get into an accident.   if you get in an accident without full coverage you dont get a dime.......

Answer 3

Depends on what it's worth and where you live.  If you live near a city where there is more chance for accident or theft, I would keep it covered.  If it's less than 6 years old you should also keep it covered.  After that, see what the blue book value is versus the coverage and decide if you need collission.

Answer 4

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Answer 5

you have to weight your option.   is it worth it to pay X amount of money every month for a piece of mind knowing that if that car gets totalled to wrecked, you'll get it fixed?

i'd call around for a couple of quotes.  if x amount is cheap enough than i'd get it. if it's not cheap enough than i wouldn't.