I just paid off the bank financed loan on my 2010 Volkswagen Jetta and I had a few questions about the next steps with my car insurance:
- Should I let my insurance company know the car loan is paid off? If so, should I wait until I have the title in my possession?
- Will I save money on my insurance now that I own the vehicle? I’m currently insured with Geico and have been with them for 6+ years.
- I currently have full coverage on the car. Do you think it would be worth it to switch to a lower type of coverage? I’m thinking of switching to liability, but want to know the pros and cons of liability vs a higher type of coverage for a car that’s maybe only worth $5,000.