When is it time to drop collision coverage

Auto liability insurance is mandatory in Suwanee, GA for the minimum required by law. To see the minimum requirements you can visit the state of the Georgia Office of Insurance and Safety Fire Commissioner’s website.  Liability is insurance that protects other people and their property from you through negligence or fault. Collison is the insurance that covers your vehicle.

The agents at Insurance Pro group will explain the two kinds of insurance that cover your vehicle, comprehensive, which protects you from theft, fire and vandalism and collisions which provides coverage so that you can have your vehicle repaired in case of an accident. Collison insurance is not required by the state of Georgia, however, if you have a loan on your vehicle, it may be required by your lender.

Assuming that you have paid off the loan on your vehicle and own it outright, do you need to keep collision insurance on it? This is not as simple a question as it seems. Several things need to be considered. First, what is the value of your vehicle? If it was damaged, how much would the insurance company pay to repair it? If the car has a low value, it may be considered a total loss. You need to take a good look at your policy deductible and what you are paying for the coverage. What would you do if your car became a total loss, would you be able to purchase another car?

If you retain the collision coverage the money you receive for your lost car could provide the down payment on a new vehicle. You don’t however, want to pay more than your car is worth. If you live in the Suwanee, GA area, the agents at Insurance Pro Group Inc. can help you to decide what is best for you. Call their office to make an appointment or just stop by, they have the knowledge to help you make the right decision.