{"id":141,"date":"2017-07-12T02:00:00","date_gmt":"2017-07-12T14:00:00","guid":{"rendered":"http:\/\/runnelsinsurance.com\/blog\/?p=141"},"modified":"2017-08-17T13:39:12","modified_gmt":"2017-08-17T19:39:12","slug":"should-you-drop-full-coverage-once-youve-fully-paid-for-your-car","status":"publish","type":"post","link":"https:\/\/www.runnelsinsurance.com\/blog\/should-you-drop-full-coverage-once-youve-fully-paid-for-your-car\/","title":{"rendered":"Should You Drop Full Coverage Once You&#8217;ve Fully Paid For Your Car?"},"content":{"rendered":"<p>Most lenders require you to carry full coverage on your vehicle while you owe on your loan. Once you own your car outright though, you have the option of dropping full coverage. Should you though? Although you may save a little on premiums if your vehicle becomes damaged the repair or replacement cost without full coverage may exceed costs you can bear.<\/p>\n<p><strong>When It Becomes an Option<\/strong><br \/>\nThere comes a time in the life of every car when it makes more sense for its owner to drop down from full coverage to liability.&nbsp;<\/p>\n<ul>\n<li>You&#8217;ve paid it off in full.<\/li>\n<li>The annual cost of full coverage becomes greater than 10 percent of the car&rsquo;s current Blue Book value.<\/li>\n<li>The vehicle is eight years old or older.<\/li>\n<\/ul>\n<p><strong>But Is It a Good Option?<\/strong><br \/>\nConsider what you lose if you drop coverage down to liability only. Liability covers damage and injury to the other person&#8217;s vehicle. That&#8217;s it. You&#8217;ll lose:&nbsp;<\/p>\n<ul>\n<li>collision insurance that covers damage to your own vehicle due to any type of collision accident (i.e. another car or a tree).<\/li>\n<li>comprehensive insurance that covers damage to your own vehicle from weather, fire, fallen tree limbs, etc. It also covers vehicle theft.<\/li>\n<li>rental car in case of an accident that renders your vehicle undrivable.<\/li>\n<\/ul>\n<p>If your regular driving requirements mean you are regularly subjected to dangerous driving conditions, it may serve you better to keep full coverage. Also, if you don&#8217;t have the funds on hand to replace your car or pay for expensive repairs, keeping full coverage makes sense.<\/p>\n<p>Visit Runnels Insurance serving Brandon, FL to discuss your car insurance options. We&#8217;ll help you make an informed insurance decision.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most lenders require you to carry full coverage on your vehicle while you owe on your loan. Once you own your car outright though, you have the option of dropping full coverage. Should you though? 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