Collision and Comprehensive Insurance

Collision insurance pays to repair or replace your car after collision, and comprehensive insurance insures your car and its contents against other damage or theft. Though optional for cash purchases, these insurances are required by some lenders and leasing companies, though not Navy Federal. If you get them, get at least a $500 deductible for each option. The higher the deductible, the more you save overall.

Comprehensive and collision aren’t always worthwhile. Estimate your car’s value. If both policies’ premiums add up to more than one-tenth of it, they will probably exceed the pay­out, so you don’t need the insurance.