What is the best time to reduce car insurance coverage down from full coverage to just liability?
This article covers it pretty well.
Depends on numerous factors including your risk tolerance, your ability to pay for accident repairs out of pocket, the value/cost to repair of your car. Once the car loan is paid off it may be time to look at your situation and evaluate. You might also consider raising your deductable to save on premium but still provide protection against total loss you can’t afford.
One rule of thumb is to drop comp and collision when together they cost more than 10% of the value of the vehicle (per year).
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