Liability-only coverage is definitely not a suitable option for everyone. Some people may require more coverage if their vehicle is financed or leased, while others may appreciate more peace of mind in knowing that they have extensive insurance protection.
On the other hand, full-coverage insurance also isn’t necessary to have in every situation. Other important factors to consider when deciding whether or not to drop your full coverage include:
The age of your vehicle; the older it is, the more likely it has depreciated
The mileage you have put on your vehicle; more mileage decreases the car’s value
The replacement cost of your vehicle
The overall wear and tear of your vehicle