Driving in Centennial, CO can be a necessity, and you may be wondering how you can save money on the insurance policy you obtained through Compass Insurance. If you bought full coverage insurance, you may be wondering if you really need it and if there are some portions you don’t need.
Do You Still Have a Loan On Your Vehicle?
If you still owe money on your vehicle, you won’t be able to cut down to liability only policy. Because the entity that gave you the loan still has an interest in the vehicle, you need to keep the full coverage until the note is paid off.
In fact, if you try to change your policy and your bank finds out, there is probably a clause in your contract that gives them permission to add a full coverage policy and charge you.
The Difference Between Full Coverage and Liability Only
Any auto insurance policy will cover liability, with minimum coverage starting at the legal requirement mandated by law. Those limits are not very high, and if you are found liable for an accident resulting in a large amount of damage and/or injury, you will be responsible for paying the difference if your limits aren’t high enough.
A comprehensive policy offering full coverage will cover damages to your own vehicle, and can also include other important coverages. Depending on the policy, you may be eligible to get a rental car when your car is damaged or add roadside assistance.
Getting in a crash in Centennial, CO can be expensive. If you want to make sure you’re covered as much as you’re comfortable, call Compass Insurance and we can answer all your questions.
