After an auto accident where my car was totaled, can I change my coverage from full to liability only to keep my rates down?.

I'm a 55-year-old female with a perfect driving record (no accidents and no tickets) with a CDL driver's license. I loaned my car out to an individual to make an emergency run to a hospital. I was not in the car when an accident totaled it. I have full coverage insurance, but I no longer have the car. I read that it was not beneficial to cancel the policy because the next vehicle that I purchased would need insurance and it would be a lot higher to insure it. Should I change it to liability only just to keep the coverage going?

Jun 30, 2019 Leavenworth, KS

Ross Martin

Jun 30, 2019

Yes, you can downgrade your coverage to liability only until you get a new car. It is true that you should maintain coverage if you plan on getting a new car soon in order to keep the rates down. You can be "penalized" monetarily for having a lapse in insurance.


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