When is it liability only time?

One of our most common questions especially lately with all the crazy auto insurance pricing is when it is time to consider liability only coverage on my auto policy. My answer to my clients is when you don't have a loan and it would not cause you financial harm if you lost the car in an accident. If you have a car that you've had forever, barely use, and own outright, you may want to consider this it saves about 45% on the auto rate. And when the value of that car is getting closer to your deductible maybe consider liability only. When reviewing costs this coming year this is one way to save a few hundred dollars. And what is liability only? It is bodily injury you cause because of an accident to other drivers or passengers in your car. And property damage of others so if you hit someone's car it will pay for their physical damage, just not yours. It's for others damage or bodily injury only. Your car would not be replaced if you had liability only sometimes known as PLPD coverage only. (Personal liability & property damage for others.) You can carry liability with comprehensive coverage only which covers hail, animal dmg, water damage, and theft. The biggest charge on the policy is the collision deductible so if you must keep full coverage consider a higher deductible to save rate. Most of us have loans and you cannot have liability only with an auto loan you must carry full coverage. But for those of us who don't have a loan, there are options. Just make sure that it makes financial sense before making the liability only switch. - Heather Harris