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You need enough comprehensive coverage to pay your vehicle’s actual cash value in the event of covered damage. Although comprehensive insurance is not mandatory under any state laws, it’s generally required for leased or financed cars and considered a good investment otherwise. The specific amount of comprehensive insurance that you should get depends on the value of your particular vehicle, which is affected by factors like make, model, and mileage.
What to Consider When Purchasing Comprehensive Insurance
When you get a quote, the insurance company will automatically determine the approximate value of your vehicle and then provide enough comprehensive insurance to cover that amount. In other words, you don’t get to choose a specific amount of comprehensive insurance when you’re shopping around for coverage.
On the other hand, you will need to select a comprehensive deductible. Your deductible is the amount you need to pay out of pocket before you can file a comprehensive claim. Most insurers offer comprehensive deductibles ranging from $100 to $2,000, though your lender or lessor may require you to select a certain amount.
For context, comprehensive coverage is a type of auto insurance that pays to repair or replace your vehicle when it is damaged by something besides a crash, like vandalism or a natural disaster. Many drivers who purchase comprehensive insurance also buy collision coverage, which pays to repair or replace the covered vehicle after an accident. To learn more, check out WalletHub’s guide to comprehensive insurance.
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Is a $500 or $1,000 deductible better?
A $1,000 deductible is better than a $500 deductible because you usually get lower monthly insurance premiums with a higher deductible, if you're a safe driver. You could save up to 28 percent on your insurance premiums by switching from a $500 deductible to a $1,000 deductible.
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read full answer by McKayla Girardin, Car Insurance WriterIs comprehensive insurance worth it?
Comprehensive insurance is worth it if the premium is a small percentage of the car’s value. Comprehensive insurance might also be worth it if the policyholder cannot afford to replace the vehicle without comprehensive coverage, or if the car is driven or parked in a particularly risky area.
Although comprehensive insurance is not mandatory in any state, dealerships and lenders frequently require comprehensive insurance, along with collision coverage, on leased or financed cars. In...
read full answer by WalletHub, Financial CompanyHow much is car insurance monthly?
Car insurance costs $60 per month, on average, for a minimum coverage policy, although individual rates might vary. Full coverage car insurance is more expensive because it also pays to repair or replace your car after it is damaged by a crash or something other than an accident, like vandalism.
Average Price of Car Insurance per Month
| Driver’s Age | Average Monthly Premium |
| ... | $278 |
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