Should I Ever Downgrade My Car Insurance?

contemplating car insurance

You love your car, and because of that, you’ve protected it as best you can with regular care and maintenance, and with a comprehensive car insurance plan to account for accidents and repairs. However, as the years have passed, the value of your car has depreciated, even if your affection for it hasn’t. Whether you’re thinking about buying a new vehicle for the family, or simply want to re-evaluate your expenses to eliminate any excess, you may be wondering if it’s a good idea to downgrade your car insurance. Before you decide, we advise contemplating it very carefully, and speaking with your independent insurance agent about the pros and cons first.

Compare Your Car Insurance to Your Car

Many insurance companies might hesitate to prompt you to seek less insurance coverage. Yet, the truth is, for many older cars, the price you pay for comprehensive coverage may eventually amount to more than the car itself is worth. Or, repairs could be constant and consistent enough that maximum coverage won’t protect your finances as much as you’d wish. When determining how you should adjust your coverage, we’ll compare the value of your car and any possible related expenses to the costs of your current insurance plan to see if they are compatible.

Contemplate What You’re Downgrading

For many people, the additional costs of maximum coverage may be well-worth the perks that often come with it, such as roadside assistance and help getting a rental car, if needed. However, if you prefer saving money to enjoying perks once in a while, and downgrading is the right thing to do for your auto insurance, then our first advice is to ensure you have an adequate emergency fund in case you have to pay out of pocket for repairs, or have to buy a new car altogether. We’ll also work closely with you to rebuild your insurance policy to include only the coverage that you need.


With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets and put your mind at ease. To learn more, or to get a free quote,  call our Carrollton office today at 972-492-8500.