Should i take off full coverage and just get liability insurance on my car?
I have a 2001 ford taurus worth around $5k according to kbb.com. should i take full coverage insurance off of the car and get liability? i am not accident prone (though i know it can happen to somebody)the car is fully paid for and has been for over a year..the car has 117,000 miles.
Answer
Full coverage insurance insures you against all circumstances, not just accidents. it normally covers items such as uninsured motorists, hit and run accidents, damage due to hitting animals and items in the road, etc.your car is worth 5k. can you afford to replace it if there is an accident? how much will you save on the insurance?sounds like you are taking big a gamble this year. in a year or two, when the value has declined further, it would be a better risk.
