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Auto Insurance: Comprehensive Coverage

In an effort to make your auto insurance policy easier to understand, we have put together a series of short videos to explain your coverage options, what they include, and how they protect you. This video focuses on collision coverage which pays you for damage to your car that isn't caused by an accident (for example: falling trees, vandalism, hail and other weather conditions, etc.). To learn more, read the detailed information provided below or contact us for information about car insurance quotes.

Comprehensive auto insurance coverage covers the costs of repairs to your vehicle, and sometimes other vehicles you may be driving, for losses that may result from incidents other than a collision. Some examples of costs that could be covered by comprehensive auto insurance coverage include damage to your car if it is stolen, or damaged by fire, animals, or flooding.

Comprehensive auto coverage will generally pay to repair your vehicle, but you will still have to pay a deductible. If you want to keep your insurance payments low, you should choose a higher deductible. The lower your deductible, the more you will pay for your auto insurance each month.

How Comprehensive Auto Coverage Works

The coverage provided will be limited to the terms and conditions contained in the policy. This type of insurance coverage is not generally required by state governments, but if you have an auto loan or a lease on your vehicle, the creditor (the lien holder) will usually require it.

The amount listed in your auto insurance policy typically refers to the deductible, the cost of repairs that you will be responsible for paying. A higher deductible can substantially lower the cost of your car insurance premiums.

It is important to keep in mind that you may have lower payments with a higher deductible, but you will then have to absorb a larger out-of-pocket expense in the event of an incident. For example, if you have a deductible of $1,200 and it costs $1,700 to repair your car, you will pay $1,200 and your insurance company will pay only $500.

Who Should Buy Comprehensive Auto Insurance Coverage?

Generally speaking, if your car is financed or leased, the finance company will probably require that you carry this comprehensive auto insurance coverage because you don't actually own the vehicle until it is paid off in full. If your vehicle is newer or is in very good condition, you should consider purchasing comprehensive coverage so that you will be able to replace or repair the vehicle in case of loss. If your car is old, or is not in good condition, and you are not making payments on it, then you might not want to pay for this level of coverage.

 

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