Should You Keep Collision And Comprehensive Coverages After Paying Off Your Car?
When you owe money to a car lender for your vehicle, your lender will have control over the types of car insurance coverages you have, but when you pay off your car, you gain control of this. After you make your last payment, you can technically drop all coverage on your policy down to the minimum type allowed in your state, if you wish; however, it may be important for you to consider keeping collision coverage, comprehensive coverage, or both.