Many auto owners fall into the trap of believing that they no longer need auto insurance once their vehicle has been paid off. While it is true that you will no longer need to meet any requirements put in place by your car loan holder, you will still be required to carry auto insurance after your vehicle has been paid off. The team at Don Allred insurance is here to provide the guidance you may need to determine which auto insurance policy is right for you now that you own your vehicle outright. If you are in the Burlington, NC area, it is important to know the facts about auto insurance requirements.
Yes, you will still need to have auto insurance even after your vehicle has been paid off!
Collision insurance is a must for anyone on the road, and even if your car is paid for, you will still want coverage in the event that it is damaged or stolen. Many car loan providers require certain coverage levels when they are financing your vehicle, so while you will no longer need to adhere to those standards, you will still need an auto insurance policy. Car insurance provides coverage in the event that you damage someone else’s car or property and can also protect you if you are in an accident that causes physical harm to yourself, your passengers, or persons in another vehicle.
While your insurance needs may change now that your vehicle is paid off, you will still be required to carry auto insurance. The team at Don Allred Insurance is here to guide your policy selection needs. If you are in the greater Burlington, NC area, call or stop by our office today to learn more.