What Kind Of Auto Insurance Should You Get On A Car That Is Paid Off?
I am renewing my auto insurance. I have a car with all kinds of great features like leather seats, upgraded stereo, sunroof, etc. Is there some way to insure it so if it gets totaled, I can buy a car of equal quality? Should I even get full coverage?
Thanks.
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5 Comments to What Kind Of Auto Insurance Should You Get On A Car That Is Paid Off?
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You need to get what’s called “Comprehensive” insurance and also what’s called “gap insurance” and that should cover it all. Try this site to find the best auto insurance
http://saveautoinsurances.blogspot.com/
Here you can get quotes from different auto insurance companies in your area, its the best way to find an affordable auto insurance with a reliable company.
Auto insurance will cover you for the actual cash value of your vehicle.
For example, if you hae a 2001 car , you will get paid the retail value of a 2001 car in that condition with those features and that mileage. If your car is in nice shape and still worth something, it’s certainly better to wind up with something than nothing.
In the end, it’s a personal preference. As cars age, because their values drop, the cost of insuring them against damage gets less, too.
Well, you are required to have liability. Getting comprehensive and collision is up to you since you don’t have a lien on the vehicle.
You need to determine if the value of your vehicle justifies the cost of comprehensive and collision coverage. Most financial guides say that if the cost of the comprehensive and collision is greater than 10% of the value of the vehicle, it is better to dump the coverages.
If you don’t want to dump comprehensive and collision, but want to save some money, you can raise the deductibles on the policy. You just need to make sure you can cover the deductible if you need to.
Depends on what its worth. I carry full coverage on all my vehicles my wife and I pay cash when we buy autos so weather its paid off is not the issue its how much its worth. I have a 2009 Chevy Crew 4X4 Duramax over $42,000.00 paid for and if I didnt have full coverage I would be taking a risk everytime I drove anywhere. If you wreck the last thing you want to worry about is where your next ride is going to come from.
Depends what it’s worth