I have been paying monthly payments on my truck. Next month is my last payment. Will my insurance go down or will I still be paying the same ammount?
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UPDATED: Oct 26, 2010
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Insurance Question from Rochester, PA
Asked on 10/26/2010
I have been paying monthly payments on my truck. Next month is my last payment. Will my insurance go down or will I still be paying the same ammount? NULL
Answer given on October 30, 2010
Paying off the loan on your car does not have a direct effect on your insurance rates. However, you would no longer be required to have comprehensive and collision insurance on the car, so you could remove the coverages or increase your deductibles.
This would be a good time to meet with your agent to review the insurance you have on the truck and see if any changes might be beneficial to you. If the truck is still valuable enough to keep collision insurance on it, see if a higher deductible would work for you. Just be sure to be sure you will not be financially impacted with a higher deductible.
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