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Is it worth having comprehensive and collision on your vehicle?

I mean, some people drive their whole lives and never have a problem only minor dents here and there that cost nothing at a body shop. Others get into severe accidents. I guess it's a gamble, but sometimes your rates increase by about 400% by putting these on your policy. That's inflated but well, it increases a great deal, and what if you have nothing happen to you? Then that's THOUSANDS lost, and into the hands of the greedy insurance companies ( who god forbid you call greedy, they're out to help you, they CARE,). Is this worth it? Especially for a personal pleasure type of ride. Not a business vehicle, truck, or any high end vehicle either. Just a regular middle of the road car you'll drive maybe 3 days a week or whatever. I don't know. Perhaps comphrehensive is better than collision. I mean, people get into accidents but, not as many as the media would have you think.

Public Comments

1. If you have the money in your pocket to replace your car if you do something that renders it ruined and unable to use, then you don't need comp or collision. That assumes you own it outright, because the bank or finance company will insist on full coverage if there is a loan.
2. First: Your question must assume the vehicle is owned outright. A bank will not let you drive a vehicle that they own (you have monthly payments) without protecting the value of their investment. Second: Depends on your financial situation. If you can replace the vehicle for your needs without comprehensive or collision, then feel free to do so. Accidents do happen, though. Third: Collision and Comprehensive usually don't add that much to your insurance policy payments. The real risk is in the liability. Liability insurance is required byh most state laws. Fourth: Insurance companies do make money. But, the original idea is to pool many people's money in monthly payments. Then when a disaster hits, no one person is out huge sums of money.
3. If it is financed, the finance company will require comp.& collision ins. Just for an older errand type car,I just carry liabilty ins.,can't justify the expence for an older car.