Do I Need Full Coverage on my Old Car?

How do you know if you need full coverage for your older vehicle? If you have a loan on your vehicle then your bank or finance company will require you to carry full coverage to ensure their financial interests are protected. Once the vehicle is paid off, you do have the option of dropping the full coverage portion of your policy.

Full coverage is typically the most expensive part of your car insurance policy. Studies (like this one) show full coverage insurance in Florida nearly doubles the price of the policy.

To decide if full coverage on your older vehicle is worth carrying, you need to ask yourself a few questions. 

  • How much is your car currently worth? 
  • If you totaled your vehicle today, are you comfortable having to pay for a new car out of your own pocket? 
  • Is the additional cost of full coverage worth the peace of mind?


Your age, the value of the car, driving record and a myriad of other factors come into play when determining the price of full coverage on your policy. If your car is worth $2,000 but it costs $1,200 a year to have full coverage, that may not be worth it to you. Now, if your car is worth $10,000 and the cost of full coverage is $30/month or less, that may sound good to you. Personal preference applies to whether or not you find value in full coverage for an older vehicle. 

Which Insurance Company has the Best Full Coverage Prices?

Every company has their own unique way of rating your car insurance policy. In order to figure out which company has the best rate for you, you are going to need to shop with SEVERAL different companies… OR…

Let Carter Family Insurance Shop for You!

We work with several different auto insurance companies in Indiana, Ohio and Florida. All you have to do is fill out this very simple quote form on our website, and we will spend the time running it through our partner carriers to see who has the best rate. In Indiana, we work with 14 different auto insurance companies!

If you have any questions about full coverage or any other insurance related questions, email me at Seth@carterfamilyinsurance.com or give us a text/call at (812)549-6547!

Providing auto insurance to Indiana, Ohio & Florida!



Do I Need Full Coverage on my Old Car?
By Seth Carter, October 08, 2019


What is Full Coverage?

Full coverage is the portion of your insurance policy that protects the value of your vehicle. If you run into someone else, your liability takes care of their medical bills and the damage to their car. Your liability only covers you against damages you inflict on others, so your vehicle isn’t covered by your liability.


Here is a brief video we made a couple of years ago, in which we use cartoon characters to show you a few scenarios on how full coverage works: