I just paid off my car loan- 11 yr old Subaru (140,000 miles) Should I drop the Comprehensive insurance?

oklatom

If you can afford to pay for any losses out of pocket, sure.

Lisa

I would. Your car is not worth much. You really have to weigh it against what would you do if you had a total loss? Would you want to be paid for your car or would you be willing to start making car payments again?

StanS

Stand up, bend your arms at the elbows with your palms up.
Say: "My comprehensive costs $ABC, and make your left hand go down maybe 6 or 8 inches, however much that amount makes you feel.

Then, say: "If I have an accident, it will cost $XYZ, and make your other hand go up that much.

See-saw them. If the insurance hand stops at the top with the other down, pay the insurance.

That is, weigh what the insurance costs and how comfortable you are without it.

Comprehensive coverage pays to repair or replace the car and personal property inside of it if it was damaged or lost fire, theft, flood, vandalism and the such.

.

.

Generic

i would. you wouldnt get much for it if it gets totalled. go to nada and check the value of your vehicle. remember that any damage you have to your vehicle now will deduct from the nada value.

look at that value and determine if its worth it to you to keep paying the monthly charge of comp and collision.

Peedlepup

You should have dropped it 5 years ago. The amount you are paying for the coverage is probably more than an 11 year Subaru is worth. Just my opinion.

Consider that an insurance agent will tell you to keep the coverage because they get a commission based on the amount of insurance you carry

I <3 my Suby.

If you do, just know that theft or vandalism will not be covered either and nobody else can drive your car.

gapsusie

Yes

Margarita

It wouldn't be wise to drop off your comprehensive insurance just because you paid off you car loan. Think about the consequences.

LittleBarb

NEVER drop comprehensive... however, you are well within your rights to drop COLLISION which you MUST have had while there was a lien on your car ... (as long as you owed on it).... If you should get into an accident, your liability and comprehensive will cover the costs of damage caused BY you, but will not cover YOUR damage...only collision coverage will do that... but, with 140,000 miles on it, your car might not be worth keeping the collision coverage... find out the book value of the car, then find out the portion of your insurance you pay out for collision and decide which is more... If you can prove someone ELSE is at fault in an accident where damage to YOUR car occurred, then THEIR liability pays and you wouldn't need collision coverage in this instance either.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: