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
“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. “
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Shannon Martin
Answered on May 12, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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