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Benefits of Collision & Comp Auto Insurance Coverage


Types of Auto Insurance Coverage

Excluding basic liability coverage the most carried types of car insurance coverage are Comprehensive and Collision coverage. In this article we will explain what is included in each type of coverage and what there differences are. So, when it's time to get free insurance quotes you'll be ready.

Collision Coverage

Will pay for damages to your car from hitting another object, such as another car, tree, house or mailbox. This coverage is relatively expensive compared to the other coverages listed in your car insurance policy. Collision coverage is not required by law but may be by your financing or leasing company.

If you have an old car and it is not worth at least $2000, you might want to consider not buying collision coverage. You will likely pay more for the coverage than you would get if you filed a claim. This is because insurance companies are only required to pay for the lessor of either what the car is worth or the costs to fix it. They might deem you vehicle worth less than what it will cost to fix.

Comprehensive (Other than Collision) Coverage

Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods, theft and hitting animals. Comprehensive coverage also will cover broken glass, such as windshield damage. Comprehensive coverage is less expensive than collision coverage and many consumers choose to carry it. However, remember it is your choice; you are not required by law to carry comprehensive coverage.

An important thing to consider when purchasing collision and comprehensive coverage is your deductible. Many companies offer zero dollar to $2500 deductibles. The deductible is the amount of money you will pay if you file a claim before the insurance company pays there share. For example, if you have a $500 comprehensive deductible and file a claim for $1300, you pay $500 and the insurance company will pay the remaining $800.

Having a deductible lowers the amount you have to pay for insurance because you are agreeing to take on part of the risk. The insurance companies also likes this because it reduces your chance of filing small claims, which are costly for them to process.

If you purchase a new car with a loan, the financial institution that loaned you the money might require you to purchase comprehensive and collision coverages. This is because they see your car as collateral for the loan, and they want to make certain it is worth something if they need to repossess it.

If you decide or are required to buy comprehensive and collision coverage you can reduce your cost by agreeing to higher deductible but remember that will be the amount you need to pay before the insurance company pays there share. As the car gets older many people choose to only have comprehensive coverage to protect themselves against other than collision claims. This will help them secure cheap car insurance on an aging vehicle.
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