Expert: Anne - 8/22/2009

Question
I have a 1998 Toyota Camry with 99,000 miles and the blue book value of the car is around $2,100.  I have full coverage auto insurance and was wondering if it is better to eliminate the full coverage and just purchase liability insurance.

Answer
Probably yes. If you think the value of your car is 2,100, then that is about the most the insurance company will pay in the event of a total loss, mines your deductible. So if yo have a $500 deductible, the most you can get is $1,600. Also remember that insurance companies often pay less than book value as they do an independent investigation of the market value and they do not follow book values.

The main thing is this: Do you at least have some money in savings in case you need to replace or put down money on other vehicle?

I hope this helps

To learn more about coverage and deductible, please see:

http://www.auto-insurance-claim-advice.com/insurance-coverages.html

or

http://www.auto-insurance-claim-advice.com/


Good Luck
Anne
http://www.quirogalawoffice.com/