Vehicle Insurance question!

[Burn Out]

I will have my sport trac paid off by the end of the year! I've had full coverage on it cause of the loan. Is it better to drop that part off my insurance now or should I still keep paying that extra? In the past I've had POS cars worth much less, so I didn't carry full coverage on them, but this is different, newer and worth more than my others!
:rollside:

[Howie Feltersnatch]

If you get in a wreck do you have a spare 10 grand or more to pay for the repairs? If not, or you don't want to spend that, keep the coverage.

[HocusPocus]

i have an 05 truck that is paid for and i keep full coverage on it since i don't want to pay to replace it should anything happen.

[racecar.hotshoe]

i have an 05 truck that is paid for and i keep full coverage on it since i don't want to pay to replace it should anything happen.
And I the same.You just never know whats around the corner.

[Mrs. Bordsmnj]

The extra expense cannot be that much....I would keep the full coverage.

[Kilrtoy]

Whats you house worth?
How much do you make ?
It is all about protecting yourself

[Ziggy]

I was about to ask the same thing. If you own anything and want it protected, keep the full coverage.
Forensic
It didn't sound like he was suggesting to drop all insurance but whether just liability coverage should be maintained or full coverage.....
He has to weigh the difference of savings vs. if he had a total loss of the vehicle....... Vegas style gamble.

[ZBODaytona]

On my 05 F350 i have full coverage (nothing owed)...i keep the full coverage cause the truck is worth more to fix then not too..but on my older ram i only have liability, because if it was wrecked it probably cost the same or more than it is worth...

[Ziggy]

Maybe so Zig. I just feel naked with out full coverage. :p
Maybe its just my preference but I keep full coverage on my 94 work truck. I probably pay more in premiums than the truck is worth. :rolleyes: But it makes me feel better.
I hear ya........I got lots full of cars fully covered..... :mad: thats one bill I dread each month

[Cole Trickle]

The only way I would go without comp/coll is If you can afford to have someone steal the car or crash the car and not feel a finnancial hit if it's damaged or totaled.
Some people would be really affected by loosing a 5K car while others would be fine loosing a 50K car.(I have had clients pay cash for new 100K cars and not want comp/coll coverage)
I only carry liability/UM on my $2500 commuter.
Also like Ziggy explained liability is what protects your assets not comp/coll.

[Burn Out]

Yep, I was thinking about dropping the full coverage. But in the past I've had thousand dollar junkers and didn't need full coverage. But by the end of the year my 300M and Sport Trac will be paid off. So might as well keep full coverage on them since they are worth more than the junkers I had in the past! :) Plus I'll have xtra $$$ since I won't be having no more car payments!!! :)