If your car is leased or financed, your lender will likely require you to have Comprehensive and/or collision coverage, so in this case it would be mandatory.
If, on the other hand, you've paid for your car outright or you now own the car after finally paying it off, Comprehensive coverage becomes optional. That means you'll likely have the choice to opt in or out of having Comprehensive coverage at any time on an active policy. Not sure if you should add or remove it from your car insurance? Here are two factors you can consider:
- Whether you have money available for repairs or to replace your car if it's damaged or stolen.
- The value of your car, factoring in its age and condition.
If you find yourself in a position where you can't afford to fully repair or replace your car if anything (non-collision related) happens to it, you may want to consider having Comprehensive coverage. That way, if any of the hazards mentioned above affect your car, you'd only be responsible for paying your agreed-upon deductible. In contrast, if you drive an older car with pre-existing damage that may not be worth fixing, Comprehensive coverage may not be necessary for you.