View Full Version : At what value of car to drop full coverage?
I have a 2000 Jeep Cherokee with 99500K miles on it. I guess the value of it would be about $6000.00 I drive a fair bit at all times of the day and in the city of Atlanta.
Should I drop my full coverage insurance and just go with liability only?
Thanks in advance for any advice!
The general rule is when the car is seven years old.
A greater question is: Can you afford dropping the insurance? Do you have enough money in the bank to allow yourself to move to a lower tier of insurance? If you got into an accident how would that affect you financially?
Your age, sex, marital status, multiple policy, etc will all affect the price too. If you're over 25, married, have kids, also have home owners ins; then the insurance might be worth it to keep full coverage. It may only be $10/month extra for full coverage if you meet all the above criteria.
If you dropped all but liability, how long would it take for you to save up about $5000? In case you needed a replacement.
How often do you have major claims?
I'm a liability-only fan, for paid-off vehicles.
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