As you are already well aware of, "car insurance coverage" does not refer to only one type of policy. Instead, it encompasses many different policies -- some of which you need, and some of which you don't. If you are a driver currently living in Lethbridge, Alberta, you might wonder (and with reason) whether purchasing additional coverage of the likes of a collision insurance policy is worth it for you. By now you know that Canadian law requires you to purchase a car insurance policy. But what about additional coverage?
While you might not be required to purchase additional coverage, sometimes peace of mind can only be achieved by doing so. Unfortunately, there is no "one-size-fits-all" answer to the question of whether you specifically need to be covered under a collision insurance policy since (once again) there are so many factors that can be counted in the equation. Generally speaking though, purchasing a collision insurance policy is not worth it if your car is worth less $5,000.
Of course, this is not always true, but most insurance brokers will tell you this.
Many other factors also affect whether you would benefit from purchasing this policy, among them the city in which you live and how frequently you use your car. Since Lethbridge is a relatively small city compared to other cities in Alberta, purchasing a collision insurance policy might prove to be superfluous for many people. But yet again, this does not apply to everyone. Accidents happen everywhere, regardless of whether the city is big or small.
For more information on this topic, we highly recommend that you bring it up either with your insurance broker or your insurance company. Professionals know what is best for you, so use their advice wisely.