Jun 26, 2020   SOURCE: PR NewsWire

When It Makes Sense To Drop Full Car Insurance Coverage

LOS ANGELES, June 26, 2020 /PRNewswire-PRWeb/ -- Keeping full coverage is the right thing to do, but only if the car is valuable or the policyholder is still making payments. Drivers should drop full coverage in the following circumstances: 

    --  The car is too old. Unless the vehicle is a collectible or a classic,
        its value has significantly decreased after several years since it was
        purchased. Maintenance and low mileage are irrelevant for old cars.
    --  The car has high mileage. If the odometer shows that the car was driven
        for 150,000 miles or even 200,000 miles, its value will be severely
        reduced. Even for a 4-5-year-old automobile.
    --  The car is deteriorated. This one is obvious. Keeping full coverage on a
        dust-bucket is one sure way to end up overpaying.
    --  After fully owning the car. When the car is financed by a bank or other
        financial institution, they will impose the owner to have full coverage.
        Once the loan is paid, he can choose to keep or drop the full coverage.
    --  The car is kept in a garage. This will provide protection against
        weather damage, theft, vandalism, and fire. After dropping full
        coverage, the owner will have to be careful how he drives and not cause
        accidents. Otherwise, he will support the full costs of repairing his
        vehicle.

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SOURCE Compare-Autoinsurance.org