Should I remove full coverage from my car if it will save me $1,200?

I just paid off my car last week and I am thinking about taking full coverage off my policy. It will help save me about $1,200 every six months! What do you think?

“Deciding if you should remove full coverage from your policy is a big decision that depends on several factors. If your car is totaled in an accident, would you be able to afford to buy a new one without the collision coverage payout?
Since the car was just paid off, is it still relatively new? If so, that means it still has a high actual cash value and you may want to keep the coverage on the policy.
It would be a good idea to find out what the actual cash value of your car currently is. You can do this by using an online depreciation calculator or Carfax’s History-Based Value tool.
If you can save more than the actual cash value by removing full coverage, then it would make sense to do so.”
Shannon Martin
Answered on May 14, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.

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