New Jersey Nesties
Dear Community,
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Can someone help with auto insurance?
I feel like a total dope. Ever since I've been driving I've always had a leased or financed vehicle, and had full coverage.
But now that I have FINALLY paid off my SUV, do I need to keep the full coverage. If I drop the full coverage, do I just have comp? What happens if I total my vehicle? Am I sh*t outta luck??
tia
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Re: Can someone help with auto insurance?
I would keep full coverage !!!!
This is what I think and could be wrong:
If you total your car and it is your fault I think you would be SOL. If you total it and it is the other persons fault then you would have to collect from their insurance company. You need to keep the right to sue as well.
The bolded is correct. And with the second sentence, you have to hope that person has insurance. If you're looking to save money, you can ask your agent to quote you with higher deductibles and see if there's any savings that way but it's not usually a lot of money.
As for the right to sue...the threshold/lawsuit option applies if you were to sue the at fault party for bodily injury. That coverage applies to your entire policy regardless of the physical damage coverage you have on your vehicles.
HTH.