Yes, typically your lien holder will require you to carry Comprehensive and Collision coverages the whole time your vehicle is financed, whether the car is 1 year old, 7 years old or 15 years old.

The vehicle you financed is the lien holder's asset and so they will normally require physical damage coverages on it for the life of your loan or lease so that they know the vehicle is protected. There may be some financing institution that does not require Collision and Comprehensive on an older vehicle, such as one that is 7 years or older, or allow it to be taken off after a certain time period however this is not the norm.

Once you pay off the lien holder then it is your choice if you want to carry physical damages on your vehicle or not.

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