Auto insurance question? Can I drop full coverage B4 payoff?

[Wcross]

My yearly insurance payment is due is February. My final payment on the vehicle is in April. The total of all payments owed is less than my deductible. Would they let me drop down to liability only early? Thanks in advance.

[NMDemDist2]

1. not usually. it's in the contract that you will insure the car or they will

their's will be quite a bit more expensive

perhaps just buy a 6 month policy then adjust once the car is paid off?

[RebelOne]

2. All I know it that you must keep full coverage

as long as your car is financed. And if your car is 5 years or older, you should drop full coverage.

[flvegan]

3. What if it's a 5 year old Bentley?

:popcorn:

[prolesunited]

4. No, they won't

But, since you're going to have to come up with the money regardless, why not pay off the vehicle early and then go down to liability? Even if money is really tight, this would benefit you more in the long run.

[Blue Diadem]

5. I don't think they will.

You should get a credit or check back for the amount you paid when you drop full coverage. You might want to discuss this with your insurance agent. I don't know if there's a way they could pro-rate it or not.