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A red car with a broken headlight that has been in a fender bender with another car

While comprehensive and collision coverages are not required in North Carolina, it is extremely beneficial to have in the event you have damage to your vehicle. Only a few instances warrant dropping comprehensive and collision coverages from your policy. If your vehicle is only worth a couple thousand dollars and you have higher deductibles, it may be beneficial to drop your comprehensive and collision coverages. For example, if your vehicle is only worth $2,000 and you have $1,000 deductibles you would pay half of your vehicle’s worth in an at-fault accident. In this instance, comprehensive and collision coverages may not be necessary. Additionally, if your vehicle is not currently being driven it may be beneficial to drop comprehensive and collision coverages. If you are making payments on your vehicle, your lienholder may require a certain amount of coverage until the vehicle is paid off. Once the vehicle is paid off, you have the option to drop the required coverages if you desire. Be sure to discuss your situation with an agent before dropping any coverages. You may learn that even though you do not think you need it; you may have a need after all to keep it.

Also Read: What to do if your Insurance Lapses

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