Car Insurance

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This topic contains 3 replies, has 4 voices, and was last updated by  footloose 1 year, 4 months ago.

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  • #135051
    CedrcrkdonCedrcrkdon
    Participant

    What is the best time to reduce car insurance coverage down from full coverage to just liability?

    #135213
    Lance
    Participant
    #135217
    TWLTWL
    Participant

    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.

    #139628
    footloose
    Participant

    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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