“If you can afford to keep both comprehensive insurance
and collision car insurance
on your vehicle, you should do so. If you get into an at-fault accident, you would be responsible for the damages done to your vehicle. If you aren’t at fault, the other driver’s insurance may cover the damages.
However, the damages on your vehicle could exceed their property damage coverage. If so, you’d only be paid up to the coverage they have. Without collision coverage, you’d be responsible for the remaining cost to repair your vehicle.
Since you do have some financial flexibility, you’ll need to decide whether dropping full coverage is a risk you’re willing to take. If you’re nervous about it, it may be worth raising your deductibles on both comprehensive and collision to reduce your costs rather than removing coverage completely.
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