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When can you stop carrying comprehensive coverage on a car?
I am financing a 2017 Chevy Equinox. When can I stop carrying full coverage on my car?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Since your vehicle is financed, you will most likely need to carry full coverage until your vehicle is paid off.
Most lenders require that you carry both
comprehensive insurance
and collision insurance
. To find out whether your lender requires it, you’ll want to look into your loan agreement. If your lender doesn’t specify that you are required to carry full coverage, you can drop it from your car insurance policy.
However, should your vehicle be damaged in an accident or by another peril, you’ll be required to pay for the damage out of pocket.
If your vehicle was totaled in an accident that was your fault, you’ll also be responsible for the remaining balance of your loan.”
View full answer
- Gregory R.
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