Should you have full coverage on a 10 year old car?
Between 10 and 15 years after a vehicle's model year, full coverage is a poor investment. While the cost of full coverage by itself likely won't be more than what a car is worth, the cost of insurance is more likely to be higher than the value of the car after an accident.4 Jan 2022
Should I have full coverage on a paid off car?
Most banks and financing companies require you to have comprehensive and collision coverage while you're paying off a loan. The good news is, once the loan is paid off, you're free to explore other options and most likely won't need as much coverage as you had when you were locked into a loan or lease.