Is Full Coverage Mandatory for Vehicle Damage Insurance?

[VanMakayla]

Full coverage is not mandatory for vehicle damage insurance. Vehicle damage insurance is a type of commercial auto insurance where the insurer compensates within reasonable limits for damages to the insured vehicle caused by accidents occurring while the vehicle is being used by the insured or an authorized driver. Additional Information: The insurer is responsible for compensating losses to the insured vehicle caused by the following reasons: 1. Collision, overturning, falling; 2. Fire, explosion, spontaneous combustion (requires separate spontaneous combustion coverage); 3. Falling or collapse of external objects; 4. Storm, tornado; 5. Lightning, hail, heavy rain, flood, tsunami; 6. Ground collapse, ice collapse, cliff collapse, avalanche, mudslide, landslide, earthquake.

[CollinFitz]

Should I buy full coverage for auto damage insurance? I don't think it's necessary. Having driven for ten years myself, cars depreciate in value. A new car's market value drops significantly after a few years, and maintaining insurance at the original price becomes too expensive and not cost-effective. You can opt for insurance based on the actual value or depreciated price. For example, a five-year-old car shouldn't be insured at its new car price. When it comes to claims, it's still enough to cover repairs and can save you a lot of money. The key is to assess the car's current condition and age, and discuss the options thoroughly with your insurance company. Don't worry about insufficient coverage in case of an accident; it's usually enough for minor scratches from daily driving. However, it's advisable to keep maintenance records for easier calculation. The choice is ultimately in our hands.

[MacMaria]

Is it really necessary to purchase full coverage for auto damage insurance? From my experience, it depends on how you balance the risks. If your vehicle frequently travels long distances or is parked in unsafe areas, full coverage provides greater peace of mind with higher compensation limits, ensuring worry-free repairs. However, for older cars that depreciate quickly, opting for less than full coverage can save on premiums, and it might be better to spend the money on maintenance. A friend of mine insured his car at half its value, and when an accident occurred, the repairs were still covered as long as the insurance amount covered the repair costs. Don’t forget to consult with a professional insurance advisor—they can recommend the right plan based on your car’s condition.

[VanCole]

Is full coverage for vehicle damage insurance necessary? I don't think it's a must. I experienced a minor accident before, and the insurance company told me I could choose different coverage amounts. After the vehicle depreciates, there's no need to pay high premiums. For example, insuring an old car at 80% of its value can save you hundreds a year. The key is to ensure the coverage is sufficient for repair costs—don't cut corners and harm yourself. Understand the terms well to avoid misunderstandings.