When do I drop collision ins on my auto?

Question

Want liability only.

Answer 1

You can drop the collision at any time you choose.

However, if you do not own your vehicle and you are still making payments to the bank, they will require you to carry collision until the car is paid off.

Otherwise, its your choice.

Answer 2

when you feel if you crash and burn, that you can replce it out of your own pocket . . . its a . . . how many insurance payments (what you would save on collision premiums) vs how much you would have to replace the car thing. Really depends on the value of the car as well. If its not paid off, i dont recommend it . . . you may not be able to until it is.

Answer 3

Most states have laws requiring you to carry collision insurance on any vehicle that you have a loan on, so if you're still paying it off you probably won't be able to get liability only.  If you own it free and clear, you can drop collision at any time.  However, dropping collision isn't always a good idea.  I have collision on my 2001 Pontiac Grand Prix GT that I have owned free and clear for several years.  I keep it because I can't afford to buy a new car.  Remember, if you get in an accident and you don't have collision, you get to foot the bill for repairs or you get to foot the entire expense of buying another car.  At least if you have collision you'll get your car fixed or they give you fair market value for the car if it's declared a total loss.

Answer 4

when you pay off the loan you can drop it and get the other anytime after that