If you're wondering whether you should buy comprehensive coverage, here are a few things to consider:

It may be required by your lender

If you're leasing or financing your vehicle, your lender will likely require you to have comprehensive and collision coverage until the vehicle is paid off. This coverage protects their investment by covering damage to the car caused by events outside of a collision, as mentioned above, which standard liability car insurance wouldn't cover.

Consider the value of your car

If you have paid off your car, comprehensive coverage is optional. It may be a good idea to find out what the value of your vehicle is (using something like Kelley Blue Book). Would you be able to pay that amount to repair or replace your vehicle if it were stolen or damaged in an accident? If you can't afford to pay that much out of pocket, then buying optional coverages, like comprehensive coverage and collision coverage, may be a smart investment.

The Insurance Information Institute (III) suggests that you take the amount you'd pay in one year for comprehensive and collision coverage, and multiply that number by 10. Is your car worth less than that number? If it is, then comprehensive and collision coverage might not be a cost-effective option for you. In other words, you might want to talk to your insurer about whether it makes sense to include these coverages on your car insurance policy.