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?

Apr 22, 2021
Answer provided by
Eric Schad
Answered at Apr 22, 2021
“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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