That depends. When purchasing car insurance, don’t hesitate to ask your car insurance agent or broker.  It is a good idea to have at least $1 to $2 million in third-party liability coverage. Beyond that, you need to weigh your financial situation and ability to cover, or not, the costs of an accident. Ask yourself what would happen if your vehicle were unavailable.  If you have an expensive vehicle, you’ll almost certainly want collision and comprehensive damage insurance. The average price of a new car in Canada is close to $50,000 in 2022, and used car prices are at an all-time high, Replacing your ride after a collision isn’t a cheap proposition. A good comprehensive policy and a depreciation waiver can help to make you whole so that you get a replacement vehicle sooner.  On the other hand, collision and comprehensive may not be worth it for an old beater. If a vehicle isn’t worth much, you may prefer to save on insurance and set that extra money aside for your next vehicle purchase.  Other add-ons, or endorsements, may be worth considering too. Let's take a look at them next.