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I have a 2003 Hyundai Elantra GLS Sedan with 81,000 miles on it. Because the value of it is fairly low ($2750 KBB avg. trade-in and $2,600 NADA avg. trade-in) I am considering dropping my full coverage.
My premium is $304 every 6 months, with a $500 deductible.
I got a quote for dropping full coverage. To maintain the legal requirements for liability insurance I would still have to pay $182 every 6 months.
Progressive bases their totalled-out cars on Actual Cash Value, which I'm assuming to be similar to average trade-in for the books.
What do you think? Is it worth it to drop it?
What else can I help you with?
How long do I need full insurance coverage on a financed vehicle?
In California, anyway, you need full insurance coverage on a car the whole time it is financed. After its paid off, you can drop a bunch of the coverage and just carry liability.
When to drop full coverage car insurance?
You should only drop the physical damage part of your insurance if your vehicle is paid for in full and when you no longer would need help replacing or repairing the vehicle if a claim occurs. Also you could say that when the price of the physical damage coverage exceeds the benefit of replacing the value of the vehicle.
How old should a truck be when it is logical to drop from full coverage to only having PLPD coverage?
85
Get you get full insurance coverage on a reconstructed title?
Yes you should be able to.
Do the laws about car insurance North Carolina say I have to have insurance on my car?
In most states, including North Carolina, you still have to maintain some form of car insurance coverage. If the car is paid off you can drop your policy from full coverage to liability insurance.
Where can one buy full coverage auto insurance?
Full coverage auto insurance will be available from all the major insurance firms. Allstate, State Farm, Geico, and Progressive all offer it. Full coverage is more expensive.
How can someone find a list of full coverage auto insurance companies closest to their location?
The easiest way to look up full coverage auto insurance is to look up through a phone book on insurance companies and there should be a listing right there.
What if my car is in a friends GARAGE and it burned down including my car?
Homeowners insurance does not cover automobile losses.If you have full coverage insurance on your car you can seek coverage from your auto insurer.If you have only liability insurance then that is just the chance you take in opting not to obtain full coverage.AnswerIf you had full coverage insurance, it would pay for it. If he had insurance on the building, there should have been coverage for contents. He would collect and you would have to get him to pay you for your car. You might have to sue him for it if he doesn't want to pay.
If you have full coverage insurance and a person who is not licensed gets into an accident in your vehicle can insurance cover your car damage?
Yes.Thats what full coverage covers
What is the difference between minimum and full coverage with auto insurance?
Minimum coverage is the minimum amount of insurance required by law. Full coverage is the full package from the insurer, insuring everything they offer to cover.
Will a finance company accept storage insurance instead of full coverage if the car is never driven If so how much cheaper is storage insurance compared to full coverage?
They will probably demand full coverage on the car whether you drive it or not. The storage insurance should be quite a bit cheaper than if the vehicle were actually in use on the streets, etc. Check with your finance company and your insurance agent.
Does full coverage insurance cover theft?
if your full coverage includes comprehensive coverage then yes, Auto theft is covered under the comprehensive portion of your auto insurance policy.
