Reduce coverage on older cars
Reduce coverage on older cars
While you might consider full coverage on your cars, that doesn’t mean you need it. Where full coverage is smart on newer cars, liability insurance coverage may be a smarter move for older, paid-off models.
To find your break-even point, check out how much your car is actually worth on a website like Kelley Blue Book.
If the cost of full coverage on your car is nearly as much as the car is worth itself, converting your policy to liability only can help you save money without jeopardizing your financial life.