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If you’ve paid off your car and don’t have lender requirements for insurance, you have the option to only maintain liability insurance as required by law to protect other cars when you drive. However, dropping comprehensive insurance in Laurel MD isn’t always the best idea. Comprehensive insurance has added benefits which protect the value of your car in the case of an accident which isn’t covered by another driver’s insurance or in the case of theft or vandalism.
Bank Loan Requirements
Bank loan requirements are relatively simple and straightforward. Even with the best of intentions, people will refuse to continue paying for their car loan if the automobile has been wrecked or is no longer driveable. Insurance against such an occurrence protects the bank as it pays of the money you were lent . Additionally, it protects you by paying off the money you owe rather than allowing your credit rating to be destroyed and prevent from not only being able to buy another car but take any other type of loan you may need to better your life.
Protecting Your Investment
If you can afford to buy your car outright without a loan, choose a less expensive used model which doesn’t need a loan, or if you’ve completely paid off the car over time, you don’t have a legal obligation to maintain comprehensive insurance although it’s a good idea to. It is still your car and will be difficult to replace if an unforeseen accident occurs. Beyond simply providing for your legal obligations insurance protects your interest in the investment of an automobile.
Be sure to discuss your needs with our insurance agents at Mid Atlantic Insurance Financial serving Laurel MD to find an appropriate policy which best suits your personal situation.