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Nov
1
Collision Automobile Insurance
Filed Under Collision Insurance | 3 Comments
Collision insurance coverage is not required by law in any state. But FYI: if you’re driving a car you purchased from a dealership and financed through a lender, you may be required by the dealership or lender to carry collision insurance. (Bummer). They need to cover their investment.
Collision coverage pays for damage caused to YOUR vehicle in an accident. If it’s your fault, you’re covered. Standard collision automobile insurance policies will pay for any repairs up to the fair market value of your car.
Now, it’s going to come with a deductible. This the amount of money you pay toward repairs before your collision insurance kicks in. This amount can really be as high or low as you want. The higher the deductible you’re willing to pay, the less the policy will cost.
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Oct
31
Auto Insurance Collision Coverage
Filed Under Collision Insurance | 1 Comment
Collision auto insurance is, quite frankly, expensive coverage. If you have a brand new car, collision coverage is likely a good investment. If you have a vehicle which you are driving into the ground(like me) you don’t really NEED to buy collision auto insurance. It may not be worth it because the car may not be worth fixing.
If you want it, remember one thing: you can reduce the cost of collision auto insurance coverage by taking a higher deductible. If an accident is not your fault, keep in mind, your auto insurance company will/should attempt to recover all costs from the insurance company of the driver who was at fault. If they recover their full costs they will refund you the deductible amount. Cool.
Simply put: Collision coverage comes into effect most commonly if your car is damaged by an accident that is your fault.
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