No loans on the vehicle. Just trying to see what the best practices are for this.
A general rule of thumb is if the value of your vehicle is less than $4,000, it doesn’t make financial sense to keep these coverages. You can determine the value of your vehicle by using websites like Kelley Blue Book and NADA online. If you were to drop these coverages, you would not have any physical coverage to your vehicle in the event of an at-fault accident. But, if your vehicle isn’t worth much, it might make financial sense. This will ultimately be a personal decision. Best of luck!