Is collision coverage a requirement for my policy on a car I've had for three years?
I paid cash for my new car back in 2018. My policy has had full coverage the whole time, but do I need it? If my car was totaled in an accident, I could just buy a new one, so why do I need this coverage?
Answer provided by
Answered on May 12, 2021
“Every insurance policy is different and should be tailored to your needs. Collision coverage is something that most people should carry on their policy to help them in the event of a covered claim, but not all people need it.
If you can easily afford to replace or make repairs to your car out of pocket, and there isn’t a loan on your vehicle, you don’t need the coverage. “
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Does home insurance cover sinkholes?
I've heard from neighbors that our neighborhood has dealt with sinkholes before. Is this kind of issue covered by insurance?
Mar 02, 2021
What happens if I stop paying on a car loan and I've moved to Mexico?
I still owe on my car loan, but I recently moved to Mexico. I learned that once you're in Mexico, the lender can't repossess your vehicle. Will anything happen if I stop paying for my car loan?
Apr 28, 2021