Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.Liability insurance is the foundation of auto insurance policies. It pays for the damage you cause to others–and is required in nearly all states.policy are collision and comprehensive insurance. They do something liability insurance doesn’t do—pay for damage to your own vehicle or compensate you if it’s stolen.
Common deductibles are $250, $500, $1,000 and higher. So, if you get into an accident and your vehicle suffers $2,000 worth of damage and your deductible is $500, the insurance company would pay $1,500 for the claim. And if you have a new car, don’t assume that it will be harder to reach a threshold for totaling it. The technology in new cars is so expensive to repair that it’sDo I Need Collision and Comprehensive Insurance?
But as vehicles get older, collision and comprehensive coverage may become less valuable to you compared to the cost. As your vehicle’s value decreases, so does your maximum possible insurance payout if it’s totaled or stolen, especially if you have a high deductible.
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