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Fuqua Insurance Agency

1836 Hermitage Blvd, Suite 100
Tallahassee, FL 32308

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I just paid off my car loan. Do I still full coverage auto insurance?

Every state requires drivers to carry the state minimum required auto insurance. However, there are situations where drivers are required to have more than the state minimum auto insurance. Your unique situation should determine how much auto insurance you invest in. Our team at Fuqua Insurance Agency is committed to helping Tallahassee, FL drivers get the coverage they need.

What are the state auto insurance requirements for Florida drivers?

Florida’s drivers are required to carry auto liability insurance. The coverage amounts must meet it exceed the state minimum requirements for property damage liability coverage and personal injury protection coverage. Drivers must carry at least $10,000 in both property damage and personal injury coverage. Florida’s drivers aren’t legally required to carry bodily injury liability coverage.

I just paid off my car loan. Do I still need full coverage auto insurance?

Lenders typically require drivers to carry full coverage insurance until their car loan is paid off. However, once your loan has been paid in full, you aren’t required to carry full coverage auto insurance, just auto liability. Once your insurance payment is ten percent or more of your car’s appraised value, you should consider dropping full coverage insurance.

At this point, if you’re in an accident, it will likely be deemed a total loss by the insurance company because the cost, or premiums, exceed your car’s value. However, if you can’t afford to pay for your car’s damage in the event of a car accident, it may be a good idea to maintain car insurance. Often, insurance will compensate the driver for the loss of their car in some way. You may receive money based on your car’s actual value.

We Are Here To Help

If you have questions about car insurance and how much you should invest, call us at Fuqua Insurance Agency in Tallahassee, FL. We’d be happy to help you explore your options. 

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