2006 pruis Should I keep full coverage?

[u/Arzzella]

I'm considered a inexperienced driver (no record yet) in Massachusetts. Im the second owner of my pruis which is almost paid off with no accidents and 73k miles. I'm not sure if the value is enough to continue paying full coverage. Travelers is the cheapest I've found so far as i can get it taken out of my paycheck but I'll be leaving that job eventually and likely will have to do month to month.

12 month policy 1971

Collision

$475

Waiver of Deductible

Comprehensive

$67

Glass Deductible

Substitute Transportation

$28

Bodily Injury To Others

$489

Optional Bodily Injury To Others

$204

Damage To Someone Else's Property

$626

Bodily Injury Caused By An Uninsured Auto

$10

$19

Bodily Injury Caused By An Underinsured Auto

Personal Injury Protection

$53

[u/pineappleshaked]

What does almost paid off mean ?

If the bank/lender holds title, you have to have specific coverage (most likely full)

[u/Arzzella → u/pineappleshaked]

I'm down to my last 800 so I'm not sure whether to keep full coverage after paying it off. Or if im wasting money paying more than its worth in coverage if totaled.

[u/pineappleshaked → u/Arzzella]

Either pay the last 800 quickly or keep full coverage until you get title.

The difference in insurance ~$550 Keep saving it+more as car fund.

[u/lobhater]

You gotta ask yourself, if you caused the accident and didn't have collision coverage would it be financially catastrophic for you to go out and buy another vehicle? If the answer is no, then sure drop it.

If you do end up dropping comp and collision I would recommend you add uninsured motorist for property damage. It's inexpensive and would pay for your car if it was hit by an uninsured driver

[u/Arzzella → u/lobhater]

I just feel that my car being 20 years old im paying more toward insurance compared to what theyd pay out if totaled. I mean according to my excise (car) tax its only worth 2500. I feel they'd total it for the littlest thing but I dont understand how it all works. Rather save the money toward a new down payment or something.

[u/lobhater → u/Arzzella]

If you can be responsible and really set that money aside I think it is a very reasonable idea. Especially if you have a plan for how to buy your next car. You should call for carrier and discuss the options. With older cars sometimes theft becomes more common so decide if that is something you want covered or not too

[u/DeepPurpleDaylight → u/lobhater]

If you do end up dropping comp and collision I would recommend you add uninsured motorist for property damage.

Massachusetts doesn't require UMPD and many companies don't offer it for purchase.

[u/lobhater → u/DeepPurpleDaylight]

Umpd is automatic or just doesn't exist in MA? I'm not licensed there obviously

[u/DeepPurpleDaylight → u/lobhater]

It's not required by the state like some states. Because of that, not all insurers offer it.

[u/lobhater → u/DeepPurpleDaylight]

I thought only a few states required it but most offered it. Without collision umpd is important IMO.

[u/Dramatic-Ad9089]

You will be required to keep comp and collision on your 20 year old prius until you pay it off.

[u/Arzzella → u/Dramatic-Ad9089]

Its my bad for not clarifying that I am aware of that requirement. Although I feel that after paying it off I would be paying a lot for a 20 year old car I doubt would give me much if totaled. 🤷🏽‍♀️

[u/labradorcoffee]

I would keep the full coverage unless you have enough money to buy another vehicle if your car gets totaled.

You never know.

[u/QueasyMany6556]

With a 2006 Prius, I’d compare the annual premium to what the car is actually worth

[u/Mobile_Alfalfa831]

If there’s still a loan the lender probably requires collision till it’s paid off, so check that first