Do I need more than liability insurance if my car is an old beater that's worth about $500?

My father is a believer that a car is only meant to get from Point A to Point B, so he buys inexpensive cars and drives them until they die. I've adopted his philosophy. Do I need more than just liability coverage if my car is only worth $500?

Answer
“Since your car is only worth $500, you definitely only need liability insurance. Comprehensive and collision coverage are unnecessary expenditures in this case.
Liability insurance is meant to pay for other people’s damages and injuries. So if you cause an accident, it will pay for their medical bills and property damage.
In some states, the minimum coverage might be enough, especially if you don’t drive all that often. But to protect yourself, you may want to increase this coverage.”
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Eric Schad
Answered on Apr 22, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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