Why your insurance needs change after you pay off your car

Owning a car outright can be an exciting feeling! When you purchased your car using financing, there were probably stipulations put in place by your lender. Now that it’s yours and you hold the title, your insurance needs change a bit. The team at JC Demo Insurance Group is here to help you make sure that your Matthews, NC area vehicle has the coverage necessary to protect this asset. Your car is likely the most expensive item you own, outside of your home and it’s important to make sure you have adequate coverage in place.

Why your insurance needs a change after you pay off your car

The most important consideration when you are choosing the auto policy for a vehicle that you own outright is the replacement value coverage. Your car is now paid off, and if you have had it for a number of years, it is likely depreciated in value. If there is a situation that renders your car totaled, you want to make certain that your policy will cover a replacement car that will suit your needs.  Oftentimes people forget to update their policies only to find out that their payout after a total demolition is inadequate. Don’t let all of your hard work and fiscal responsibility go to waste! Review your auto policy now and add this important feature. The coverage levels that your lender required are no longer relevant; take the time to sit down with an agent and make sure you have the coverage you need!

If you are in the greater Matthews, NC area and your car is now paid off, contact the team at JC Demo Insurance Group today and learn more about the auto insurance policy options that are now available to you.