Should I get full auto insurance coverage even though my late model car has been paid off?

Auto insurance provides many different benefits for drivers. Most of us can’t afford to pay for car damage or an at-fault accident out of pocket. Car insurance provides benefits that enable it to cover and protect from accidents and other auto-related incidents. Our Baton Rouge, LA team at Cordell Insurance can help drivers get auto insurance coverage that meets their specific needs.

What are the Benefits of Auto Insurance?

Auto insurance provides coverage for auto repairs as well as coverage for property damage and personal injuries. Car insurance will also cover damage to other people’s property and vehicles if you’re found at fault. An auto insurance policy also covers passengers. Liability insurance is the only auto insurance requirement for most states. However, this doesn’t mean that more coverage shouldn’t be considered. 

Should I get full auto insurance coverage even though my late-model car has been paid off?

Most lenders require car owners to carry full coverage auto insurance until a car is paid off. However, once you’ve paid off your vehicle, you’re only required to carry liability insurance. However, you should ask yourself if this is enough. If you have a late model car and it’s damaged in a car accident, could you pay for the repairs out of pocket? Many people couldn’t. This is one of the many reasons why it may be best to invest in more than auto liability insurance. Collision coverage would pay for the repair of your vehicle. However, liability insurance wouldn’t. Call us if you have questions about the best auto coverage for your car. We can help you get the coverage you need.