When is your vehicle no longer worth fully insuring?

Question

I had heard that if the value of your vehicle is less than 4,000.....

it is not worth the cost of full coverage.... just keep the liability...

Is this true??

Answer 1

whenerver your car or truck is paid off, it is smart to get liability only.  

Answer 2

You must have full coverage until you no longer have car payments.  Though it is smart to have if you are ever in an "at fault" accident.  You will end up paying more than if you would have carried full coverage anyway.

Answer 3

Only if the car is worth about the value of dirt and parts are easy to find for it.

If I get another mid-90s Crown Vic or Grand Marquis, those parts are stupid easy to get a hold of.

Of course, that would be a second vehicle and I can afford to lose it to a wreck if it came to that.

Answer 4

When you can afford to replace it without being reimbursed by the insurance company. In other words, if you totaled your car today and you knew the insurance company wasn't going to cut you check for it - could you go to a dealership and buy a new vehicle?