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Should I remove full coverage from my vehicle if I'm going to pay off my loan in the near future?
I currently have full coverage on a car I financed, but I'm about to pay it off. To save money, I'm thinking of removing collision and comprehensive coverage from my car. I'm also thinking of picking up some extra money driving for Lyft. Should I remove full coverage and just get liability?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congrats on (almost) paying off your car!
Before you decide whether to remove full coverage on your car, you should ask yourself a few questions:
- How many miles does the car have? How old is it?
- Can you afford to pay for repairs due to an accident or mishap out of pocket?
- Are you accident prone or an aggressive driver?
- What’s the car currently worth?
If your car is seven years old and has high mileage, full coverage probably isn’t worth it. Use a tool like Kelley Blue Book to look up the value of the car. If it’s worth less than about $5,000, move over to liability coverage only to save hundreds of dollars.
If you’ll be driving for Lyft, you may want an additional endorsement or rideshare coverage. While Lyft does provide insurance for its drivers when they’re transporting a passenger or waiting for a fare, this coverage may offer less protection than you need.
View full answer
- Gregory R.
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