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It’s well-known that drivers are required by law to have liability insurance—motorists need to be able to cover the costs if they are at-fault for an accident with another driver. So you may be asking: what is collision coverage and why do I need it?
While not required by law to have, collision coverage is a very important coverage for any driver to have because it helps repair your own car in the case of an accident, regardless of whether you are at fault or not. In fact, collision insurance covers a wide variety of situations where our car could require significant repairs.
In short, any time your car is damaged in a collision with another vehicle, you can be covered by collision insurance. If you get in a major accident or a fender-bender, then collision insurance will contribute to the repair of your car. Even drivers who pride themselves on their safe driving would be well-advised to be covered in the case of a collision.
Collision insurance can cover damage that comes to your car when you are driving it and other non-vehicle accidents occur, like in the case of backing up into a pole or experiencing a rollover crash. Collision insurance can also be utilized if your car is parked and struck by another vehicle—even if it is a hit-and-run. It will not, however, cover your bodily injuries if your car is struck while parked and you are in it.
There are circumstances that collision insurance does not cover that are important to note. If your car is stolen (or someone attempts to steal it) and it is damaged in any way, your collision coverage will not cover it. Collision insurance will also not cover if your car is vandalized, nor if an “act-of-God” occurs, like a tree falls on your vehicle or you experience flood damage. It is most important to note that collision coverage does not cover any damage you cause to other vehicles or property, or to other drivers. That is covered by liability insurance.
This will depend on a number of factors, but ultimately it is a judgement call for you to make based off your budget and driving habits. If you live in a busy city and drive often, it may make sense to have a lower deductible because there’s a higher risk of accidents. Your best bet is to speak with your agent, research your options, and decide just what kind of collision coverage will work best for you.
Are you happy with your current auto insurance? It’s a question people ask themselves all the time. The decision to switch from one auto insurance provider to another is not one to take too lightly. The switch means paperwork, deciding on a different policy, and getting to know a new agent and company. But switching can also save you money and provide you with better coverage. If you are contemplating making an insurance change, here are some thing to consider.
Before taking on the exhaustive process of finding a new auto insurance provider, you may want to give your current provider one more chance to improve your rates or get better coverage.
Decide what’s important to you and find the auto insurance carriers who are best positioned to address your needs. Look up each of them and spot differences between rates, coverage, and real customer reviews. Once you’ve narrowed it down to a few, give them a call and see what discounts they may be willing to offer for you to make a switch.
When shopping for new insurance you may just look at price, but it’s imperative to pay attention to your coverage levels as well. What good is getting a great discount if you end up overpaying or getting claims denied when you actually need your insurance?
Once you’ve decided to go with a new auto insurance provider, make sure that you are all set up with your new policy and the necessary documentation before cancelling your current provider. You want to avoid having any kind of lapse in coverage—even for just a day!
When your new policy is in effect, be sure to cancel your old policy. You may even be able to talk to your old provider to confirm that your policy will be cancelled the day after your new policy take effect.
Finally, remember to put hard copies of your insurance card in your wallet and glove box or center console. It’s helpful to have an envelope marked “Insurance” so that you can easily access your insurance cards in the event of an accident or traffic stop.
Most people have a pretty firm grasp on what auto insurance is and why it’s important. But even experienced drivers can get lost in the weeds when it comes to picking apart the different types of auto insurance that are available. Drivers have a lot of options, which is great for choice and personalizing your insurance plan, but can be overwhelming at first glance. To simplify things, here are six different kinds of auto insurance that are important for every driver to know.
This is the coverage that most are familiar with: it covers the damages to your car if you get in an accident with another vehicle. Depending on your plan, it can cover accident with another vehicle as well as other accident you may get into while driving—like hitting a tree or backing into a pole.
This is another elemental part of auto insurance coverage. Liability insurance covers you when you cause damage to another person’s vehicle or property. It also covers injuries that other people may have suffered as a result of an accident you were involved in, also known as bodily injury. This is a vitally important type of coverage—being found liable in an expensive accident and not having the funds to cover can cause major financial problems.
“Expect the unexpected” is the idea behind comprehensive coverage. This type of coverage covers you in the case of damage to your car outside the realm of an accident. Events like hitting an animal while driving, having your car stolen, natural disasters, or fire can all be covered with comprehensive coverage.
Personal injury can go a long way in covering you and your passengers in case of an accident. It can cover the medical expenses for you and your passengers in an accident, regardless of who was at fault.
Bodily injury is often part of liability coverage. Bodily injury insurance is especially useful if you should ever get into an accident and get taken to court by another driver or pedestrian, as it can help pay for your legal fees.
This can be a very useful type of coverage to have if you ever have an accident with a driver who doesn’t have any insurance. In many states, between 15-20% of drivers may not have insurance, meaning you have nearly a 1-in-5 chance of getting in an accident with them. This kind of insurance is useful should you ever get in an accident with a drive who doesn’t have insurance, or whose insurance fails to cover the damages to your car.