Paying off your vehicle is a huge accomplishment and one you should feel very proud of! At NY Twin Bridges Insurance Agency, we often hear from Albany, NY area clients asking about how their policy needs change once their vehicle is paid for. We are here to answer all your questions and help you determine which policy and coverage level is right for your needs.
You’ve paid off your car, now what?
Once you have secured the title for your vehicle, it’s always a good idea to notify your insurance company. They can update their records and remove your lender from your account.
If your lender imposed certain requirements, such as deductible level or collision coverage, you can review those stipulations and decide if they are still applicable to your situation.
You will also want to determine the Actual Cash Value (ACV) of your vehicle as your protection needs may have changed. Be aware, that it is not always a good idea to lower your policy coverage levels just because the car is paid off. Depending on the value of your car, you may want to adjust your coverage levels. Meeting with your local agent to discuss the new status of your vehicle and receiving their input about your policy is always a good first step. Be sure to get the information you need to make an informed decision.
Ready to find out more? Give us a call!
The team at NY Twin Bridges Insurance Agency is proud to be a resource for our Albany, NY area clients. If you have questions about your insurance needs, call or stop by today.