Should I Get Collision Coverage In My Policy In Nevada
Reader’s Question:
I have an older vehicle here in Nevada and I wanted to get cheaper car insurance. I still have collision coverage and I was thinking, does it make sense to keep it?
Sam
Spring Valley, NV
If you only have liability coverage, it is the best way to have cheaper car insurance especially if you have an older car. Liability coverage would pay for all the expenses associated with the repairs of other vehicles affected during the accident. This type of coverage would not pay for any damages on your own car because collision and comprehensive coverage pays for those expenses. Although having cheaper car insurance, you would have to take a risk in getting just the liability coverage because you would have to cover the expenses of repairing your own vehicle.
Since you mentioned that you have an older car in Nevada, I assume that, of course, it doesn’t have much value as a brand new and latest model car. You won’t probably need to have collision and comprehensive coverage if the car’s value is $1500 or less, thus having yourself cheaper car insurance. If your vehicle endures a damage worth of $800 in the event of an accident, then you have a deductible of $500 and pay $300-premium for the extra coverage, it would not make financial sense to keep on paying for extra charges. You have to find out the level of risk you can take for yourself and the amount of coverage you need from your car insurance company.
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