Does auto insurance cost less if I own my car or if I’m still paying (an auto loan) on my car?
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Once my car is paid off, will my insurance cost less? I’d also like to keep the same coverage.
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Sam said:
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – autoinsurance.maclenet.com
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0December 31st, 2009 at 12:06 am -
2wicked said:
As far as I know, you have to have full coverage on a car that is financed. After it is paid for you might be able to drop that and just have liability, which is way less but if you wreck it you get nothing unless it’s someone else is at fault and their insurance covers it.
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0 0December 31st, 2009 at 12:06 am -
mauisunset said:
The cost should remain the same regardless if you own the car outright or if you’re paying on an auto loan. Overall the insurance may go down for other reasons such as the value of the car drops as it gets older, you get more driving experience without making a claim or getting tickets, etc.
Depending on the insurance company, you may be able to qualify for other discounts/cost reductions by taking a driving class, having multiple insurance plans with the same firm (life, home, liability), etc.
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0 0December 31st, 2009 at 12:06 am -
mbrcatz said:
No, there’s no price difference.
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0 0December 31st, 2009 at 12:06 am -
Clifford S said:
No. Your car insurance premium will remain the same if you maintain the same coverages after paying off the loan. Owning your vehicle outright does give you the flexibility to eliminate physical damage coverage or increase your deductible for these coverages.
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0 0December 31st, 2009 at 12:06 am -
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