Should I continue to carry optional Comprehensive car insurance after my car is paid off? The car is almost 10 years old with over 90,000 miles on it, but it is my only means of transportation.

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Answered by: Barbara, An Expert in the Types of Insurance Category
The answer to your question depends on the value of your vehicle, your deductible and how much the extra insurance costs you each year.

If your vehicle is worth a few thousand dollars and your deductible is $500, paying an additional $100 to $200 per year makes sense. If your vehicle is totaled, your insurance company will only give you what they feel the car is worth, minus the deductible.

If your vehicle is only worth $800, with a $500 deductible, you would be better off saving the extra premium expense for a new car.

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