Question

Do i need full coverage auto insurance?

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11th Nov 2009 by Gary

The answer depends on what the word "need" means to you. If you have a loan out on a car, you'll be required to have a certain amount of coverage to ensure the loan is paid off if something happens. Once the car loan is paid off, for the most part the need to have full coverage on an auto pretty much diminishes, as the cost of insurance wouldn't justify the full auto coverage premiums.

A lot of people don't realize it's better to just have liability insurance on a car once it's paid off, as the value of the vehicle wouldn't compensate you for what you're paying out.

The only factor that would change this is if your automobile was a more expensive model, and so would be worth the premiums of full coverage. Assuming a regular car though, liability usually will be all you need as your car ages.

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This answer is the subjective opinion of the writer and not of FinancialAdvisory.com



11th Nov 2009 In Insurance 1 Answers | 1408 Views

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