Collision coverage protects you in case you're involved in any kind of accident, whether that accident is with another vehicle or an inanimate object, such as a fire hydrant. Comprehensive car insurance provides you with protection against things such as theft or a natural disaster. Essentially, everything that could happen that has a detrimental effect to your car that's not a collision.
When Don't I Need These Types of Insurance?
The older your car, the less likely it is that you would need to purchase these types of insurance. If the costs associated with repairing or replacing your vehicle exceed its actual cash value, then you may be better off not bothering to purchase collision or comprehensive coverage.
There's not really much point in paying extra on your premium for a car that's not worth the expenditure. If you drive a newer vehicle, then you may wish to purchase these types of coverage just to be sure that you won't be left out of pocket as the result of an accident.
Why Should I Get This Type of Insurance?
As mentioned above, if you have a new-ish vehicle you may wish to purchase these types of insurance. Despite the fact that neither of these types of insurance are a legal requirement, the National Association of Insurance Commissioners estimate that around 77 percent of insured drivers purchase comprehensive coverage to compliment their liability insurance and 72 percent buy collision coverage.
One last thing to consider is if you're financing or leasing your car, your bank or leasing company will more than likely require you to have collision and comprehensive insurance for your vehicle until you've paid for your car in full.