David Brownstone, UCI emeritus professor of economics [said], “The typical person who should consider liability-only coverage is a good defensive driver (so that collisions are likely to be the fault of the other driver) with enough liquid assets to easily afford replacing or repairing the damaged vehicle. Another situation where liability-only coverage is likely a good idea is when the vehicle is old and not worth much money. In this case, the amount that you would receive if the car is damaged would likely be less than the extra premiums paid.”
 
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