Alright, so this is something I'm pretty happy about I must say. I'm about to pay off my 2009 Scion TC. 2 years ahead of schedule. I bought the vehicle new and it has had virtually no issues asside from 9000$ of hail damage which state farm was nice enough to fix and replace all effected parts of the car. One thing I learned here is that most insurance companys just fill the dents and paint over, state farm actually replaced the parts. But I hate having this 9000$ damage hanging over my head.
The question I have is this: Now that it will be paid off, what should I do with insurance? I know that I've seen people say that when they pay off the car they cut insurance big time on the car down to state minimums. 8 months ago I took my car to get a trade in value on it and was offered $11,000 from the dealer if I was to buy new from them. So I'd put the value of my car at 8500 right now easy sale. Do I want to lose the ability to get paid by my insurance for the value of my car if I drop insurance down so low? Is there anything else that needs to be done or should be done once a car has been paid off? This is a first for me, I usually trade every 2-3 years this is the longest I've owned a vehicle.
