I hear you on the safety net thing. I hung onto full coverage for years on my old Corolla, even when it was barely worth $2k. My logic was always, “What if someone totals it and I’m out a car?” But honestly, the premiums started creeping up, and at some point I realized I’d basically be paying the car’s value every couple years just to keep that peace of mind.
Still, I get nervous about dropping it completely. Accidents aren’t always your fault, and uninsured drivers are everywhere. But yeah, once your deductible is close to what the car’s worth, it’s hard to justify. I guess for me, it came down to how much risk I could stomach—if losing the car would wreck my finances, maybe keep it; if not, probably time to let go. It’s never as black and white as the math makes it seem... there’s always that “what if” in the back of my mind.
Totally get where you’re coming from. I wrestled with the same thing on my old Civic—kept full coverage way longer than made sense, just for that “what if” factor. Here’s how I finally decided to drop it:
- Ran the numbers: When my annual premium plus deductible was more than half the car’s value, it felt like throwing money away.
- Checked my emergency fund: If I could swing buying a cheap replacement car without going into debt, I felt better about dropping coverage.
- Kept liability and uninsured motorist: That way, if someone else hits me (especially an uninsured driver), I’m not totally out of luck.
- Considered my driving habits: If you’re mostly local and not commuting long distances, the risk feels a bit lower.
Honestly, there’s always some risk. But at a certain point, paying $600+ a year to insure a $2k car just didn’t add up for me. Still, I get that nagging feeling—like Murphy’s Law is waiting for me to drop coverage before something happens... but so far, so good.
Man, I hung onto full coverage way too long on my old Corolla just because the idea of getting sideswiped and being out a car freaked me out. But when my premium was almost as much as what the car was worth? Yeah, time to let it go. Felt weird at first, but honestly, I haven’t missed it. Just gotta trust you’re not gonna get hit by a meteor or something, I guess.
But when my premium was almost as much as what the car was worth? Yeah, time to let it go.
Yeah, that’s the point where it just doesn’t make sense anymore. I did the same thing with my Civic—kept full coverage way past its prime just out of habit. Once I realized I was basically paying for peace of mind and not much else, I dropped it. Haven’t looked back. Sometimes you just gotta accept a little risk and move on.
I hear you on that—sometimes those premiums just aren’t worth it once your car’s value drops. I’ve seen folks hang onto full coverage out of habit or because they worry about “what ifs,” but at a certain point, you’re just throwing money away. That said, I always tell people to double-check if they still owe anything on the car or if there’s a lien—sometimes you’re required to keep full coverage until it’s paid off. Otherwise, yeah, liability-only can make a lot more sense for an older ride.
