[JeepersCreepers]

For the last few years I was required to have full coverage insurance on my car because I had a loan on it. Now that the loan is paid off I keep thinking about dropping it down to PLPD since it would save me quite a chunk of change on insurance. I have this niggling thought in the back of my head though that as soon as I do drop it down I will have an accident. What do you guys have?

[Trucker12]

I still have full coverage, just for the reason that you stated. I don't want to pay an arm and leg to get it fixed if I do get into an accident. If the car isn't worth much then I would drop down to PLPD, if it is worth a lot then keep the coverage.

[JeepersCreepers]

It is still worth enough to get a few grand if I wreck it! I can't see dropping it down just yet, I will probably keep it for at least another year I am thinking.

[Trucker12]

Is there any way you can keep the coverage but raise the deductions so the bill is less? Would you be able to pay a higher deduction to get it fixed if you were in an accident?

[JeepersCreepers]

I probably could as right now I have a $0 deductible if I get hit, but I kind of like that. It is nice to know that I won't have to come up with anything out of pocket since it would be difficult to do right now.

[Tumbleweed36]

One of the worst things you can do is have "0" deductible if trying to save money.

If you can afford to keep the full coverage and raise that deductable to about $ 500, then you will see your rates drop quite a bit.

[Rockett]

I have full coverage on the van I'm still paying on, but basic on the car that's paid for. My car simply isn't worth enough to warrant full coverage.

[beniebear]

This is a great thread. I am about to pay off my loan as well and have been trying to decide what to do about the coverage. I have not made my decision yet but I am thinking my car will not warrant full coverage either.

[JeepersCreepers]

Originally Posted by Tumbleweed36

One of the worst things you can do is have "0" deductible if trying to save money.

If you can afford to keep the full coverage and raise that deductable to about $ 500, then you will see your rates drop quite a bit.

For me right now, it is better to pay the extra little bit in the monthly payment because I just don't have the wiggle room in my budget right now to pay $500 if I had an accident.

[Tumbleweed36]

Hey, if your budget won't permit covering your damage, then full coverage is best for you. If you have enough money to cover a small claim, then insure with a higher deductable.