Should You Keep Your Full Coverage On Your Paid Off Vehicle?

When you make that final payment on your vehicle you will feel a sense of pride and relief. And you may be tempted to lower your auto insurance to the bare minimum once that loan requirement is relieved and you are no longer under obligation to do so. At Michael Taylor Agency we urge you to keep full coverage for your own convenience and protection. We serve Columbia, SC and the surrounding area with quality comprehensive insurance services and our clients know they can rely on us through it all. 

The main reason to keep your full coverage is the fact that your chances of an accident while driving do not reduce when you pay off your vehicle. The main thing that does change is your loan company’s risk and your chances of having to pay on a vehicle that is damaged or totaled. Your full coverage protects you and the loan company while you are paying on the car. After you paid it off, you deserve the same amount of protection and coverage even if you do not owe anyone for the vehicle anymore. A motor vehicle accident can happen even to the most careful driver, and insurance is about protecting more than the vehicle. Keep yourself, your passengers, and even other drivers under a blanket of protection while you enjoy the open road by keeping your full coverage. The peace of mind alone is worth keeping the status quo, and if you do ever get in an accident you will be glad that you made the choice to hold yourself at the same value that your loan company did. 

Contact us at Michael Taylor Agency to discuss your specific vehicle, full coverage vs. state minimum benefits, and for a quote for either service. We proudly serve the people in and around Columbia, SC and we will be happy to answer any questions you may have about our insurance services and your specific needs.