<prompt> Human: I recently payed off a 2012 Subaru Impreza, KBB says the car is valued at 16-17k. After I payed the car off I called My Insurance company State Farm to notify that the car was no longer financed. I was excited because I expected to save a money each month on my premium. They suggested that because the value of my car was still high that I keep the same coverage I had while the car was financed. Anyone else with any experience with this?  <response>: Do you have enough money to replace the car in the event it gets totaled in some type of loss - collision, lightning strike, fire? If you do, and you have a better use for the premium dollars from the collision and comprehensive coverage, then go ahead and cancel those coverages. If you dont have 16-17k that you can immediately drop on buying a replacement car, then keep the coverage.Easy way to check - how much do they charge per year for the coverage, compared to how long it would take you to save 16-17k. Are you comfortable waiting that long without insurance for your property to save some money? Risk tolerance is the big question here. 