PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What happens to your insurance when you pay off your car?
I just paid off my 2017 Mitsubishi Mirage. Will my insurance rate go down since I no longer have a car loan? Will there be any other changes to my policy?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your
car insurance
rate won’t change simply because you paid off your vehicle. However, most people choose to lower their insurance from full coverage, which is required by lenders, to liability insurance
, which can significantly lower the rate on your Mitsubishi MirageThe value of your car plays a vital role in whether you choose
collision insurance
and comprehensive insurance
or liability only. A general rule is that if your annual insurance payment is 10% of the value of the car or more, you should switch to liability only.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
