Do I have to buy collision/comprehensive car insurance coverage for my car?
In all states, collision and comprehensive car insurance, the portion of your automobile insurance policy that covers damage to your car, is optional. However, if you have a car loan, the lender or dealer will require collision/comprehensive car insurance coverage to protect its interests. After your car is about five years old or you’ve paid off your loan, you might want to drop the collision and comprehensive car insurance coverage. Compare the value of your car minus the car insurance deductible to your annual premium. For example, collision and comprehensive coverage won’t do you much good if your car is worth only $1,000 or so and you have a $500 deductible. You’d be better off putting your collision/comprehensive premiums into a savings account.
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