Why do I need full coverage on a Toyota 4Runner that's over a decade old?

My husband and I have a 2009 Toyota 4Runner. We've been told that we should keep full coverage on it. I feel like it's a waste of money based on the cost. We don't have a large amount of savings.

“When deciding if you should keep comprehensive insurance and collision car insurance, you should look at your financial situation.
If your car is totaled and you can afford to purchase a new car, you can drop full coverage. If a totaled car would cause you financial hardship, you should keep it.
Even though your vehicle is an older model, full coverage ensures that its value is protected, regardless of fault. If it is totaled and you are at fault for the accident, you will receive the actual cash value of the 4Runner, which could go towards a new vehicle.
If you want to keep full coverage. you can raise your deductibles to lower the cost. You can choose an amount that you’d be willing to pay out of pocket if you submit a claim. The higher the number, the lower the initial cost will be to you.
Emily Maracle
Answered on May 17, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.

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