[Dave-ROR]

Originally Posted by Dadhawk

Switching to liability only "saves" you money if you don't consider risk. Drop collision, wreck your $15,000 car and it just cost you $15,000 in a few seconds.

I keep collision on all my vehicles (most of which were purchased for cash, and all of which are paid off) because I'd rather pay someone else to carry the risk.

The difference between a 3% and even a 10% loan isn't your problem, it's getting rid of the total debt. Pay off the lowest balance one first, then roll that payment into the other and pay it off early was well.

That's what I would tell my kids anyway.

This - more or less. I'd actually focus on the highest interest first, as that costs more long term.

Reducing insurance to the minimum required by law is fine.. if you have a $1,500 shitbox.

If you can't afford to pay off the car without hurting yourself financially, then pay the insurance company to carry that risk. Given the question, it's clear that you can NOT shoulder that risk. What would you do if the car was stolen? Or some truck did a hit and run and totalled it?