Do I need full coverage on my 2010 Mazda3?

I currently have full coverage on my 2010 Mazda 3, but it's paid off and worth about $5,000. Should I reduce coverage to liability only?

Answer provided by
Emily Maracle
Answered on Apr 30, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“The amount of coverage you decide to carry really depends on what is important to you. The best thing you can do is compare how much liability coverage only would cost compared to what you are currently paying.
After that, you should think about your own financial situation. If your car was totaled, would you be able to afford a new vehicle without a payout from your comprehensive coverage or collision coverage?
If your finances wouldn’t allow you to make a down payment on a new vehicle, look at raising your deductibles for full coverage. This can save you some money without reducing your coverage.
While you could reduce your coverage to liability only, be sure to keep your coverage limits as high as you can afford.

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