Do I Need Comprehensive Auto Insurance?

Comprehensive auto insurance is an optional aspect of most car insurance policies that will cover the repair of your car, for example, should you smash into a tree, or a wall. Basically, it will pay for the repairs to your car incurred by an accident that does not involve another driver. It will also cover the market value of your car should it be stolen. Because of this, many auto loan lenders will require you to get comprehensive car insurance because they want to protect their asset (that being your car, which technically the lender owns until you’ve paid off your loan).

Thinking Twice about Comprehensive Coverage

People who are driving older cars – often referred to as “beaters” or “clunkers” – may want to think about getting comprehensive car insurance, however. That’s due to the fact that since their car isn’t worth very much, and comprehensive auto insurance will only pay out the market value of the car should it be stolen, it may not make sense to pay a monthly premium for comprehensive auto insurance. If your car is only worth $2,000, and you pay that much in comprehensive auto insurance every year, you’re not spending effectively.

When it comes to cars, some of us are really into them and some of us aren’t. If you think of enthusiasm as a spectrum, at one end are the young teenage boys and boys in their early 20’s who customize their cars and take great pride in them. At the other end are those of us who simply see cars as a tool to get from Point A to Point B. The rest of us will fall somewhere in between. Regardless of how passionate you are about your automobile, you should probably think about getting comprehensive auto insurance to protect your car.

To learn more about who needs comprehensive auto insurance, be sure to consult with an insurance expert.

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