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If you're wondering whether you should buy comprehensive coverage, here are a few considerations: Comprehensive coverage may be required by your car's lender. If you're leasing or financing your vehicle, your lender may require you to have comprehensive collision coverage until the vehicle is paid off.

How old is your car and what is it worth?

If you have paid off your car, comprehensive coverage is optional. It may be a good idea to find out the Kelley Blue Book value of your vehicle. Would you be able to pay that amount to repair or replace your vehicle if it were stolen or damaged in an accident? If you can't afford to pay much out of pocket, then buying optional coverages, like comprehensive coverage and collision coverage, maybe a smart investment.

How much are the annual premiums for comprehensive and collision coverage?

The Insurance Information Institute suggests that you take the amount you'd pay in one year for comprehensive and collision coverage, and multiply that number by 10. Is your car worth less than that number? Then comprehensive and collision coverage might not be a cost-effective option for you. In other words, you might want to talk to your agent about whether it makes sense to include these coverages on your car insurance policy.


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