Do I Really Need Collision Coverage on My Auto?

The legal minimum requirement for auto insurance in many states is third-party liability coverage. This means that if you are in an accident that is deemed or proven to be your fault that your insurance company will pay for the repairs or bills incurred by the third party to the accident. Mandatory third-party insurance is designed to give road users peace of mind that accidents can be paid for and they can get back on the road if somebody else is at fault.