Should I drop my insurance coverage?
I was wondering if it's no longer necessary to keep my full coverage on my vehicle. It's a 2005 Honda Accord LX, 2 Door with sunroof, leather, and security systems. I pay about $100/month with full coverage. Thanks!
What I recommend doing if you're thinking it's time to drop coverage is determine the value of your vehicle by using Kelley Blue Book and NADA. A general rule of thumb in the insurance world is if your vehicle is worth less than $4,000 you might not need collision and comprehensive coverage. What you need to consider is that if you drop this coverage is you won't have coverage in the event your car is damaged.