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Is it worth it to have full coverage on a '98 Chevy Suburban?
"I'm about to pay off my loan for this car and have the option to drop full coverage to just liability. Is it worth continuing with full coverage for this type of car? What if it's a total loss scenario?"
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can calculate the difference in monthly premiums if you drop your full coverage, but it’s probably worth keeping full coverage if your Chevy is in reasonable working condition.
Here’s why: in a total loss scenario, your
insurance company
will estimate fair market value of your car, likely still in the thousands, and you would get that amount as a cash payment. If you can afford to replace the vehicle without that amount, liability might be a good option. It all depends on your personal financial situation.”
View full answer
- Gregory R.
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