What Is Collision Insurance?
Collision car insurance helps cover the costs to repair your vehicle after an auto accident. For example, let's say you're enjoying a drive down a back road when suddenly an icy patch of pavement causes your car to skid into a tree. No one is harmed – but your car suffers significant damage to its front end. Collision car insurance can help cover the costs to repair your vehicle. If you didn't have collision coverage, you could be stuck having to pay for the repairs out of your own pocket. Unlike liability insurance, your collision car insurance policy can help cover costs even if you are found to be at fault. Understanding collision coverage probably seems fairly simple and it is, but did you know collision car insurance actually helps cover many different types of accidents?
For example, collision insurance usually provides coverage for these accident scenarios as well:
- An accident involving only your car, such a rollover
- An accident with another object, such as a telephone pole or mailbox
- An accident with another vehicle, such as a traffic accident or someone hitting your parked car
- An accident involving a car that you’ve rented
Collision insurance typically does not cover:
- Other drivers in the event of an accident
- Vandalism or Theft
- Accidents with animals
- Losses other than auto damage from a collision
How Much Does Collision Insurance Cost?
The cost of collision insurance can vary depending on considerations such as your driving history, your vehicle’s value and the deductible amount can factor into the cost of your collision insurance. Usually, the lower your deductible, the higher your premium may be. So if you plan to purchase auto collision coverage, selecting a higher deductible generally helps lower the cost of your auto insurance. Also, to be eligible to buy collision insurance you must first have comprehensive insurance coverage for your car. To review your auto coverage needs and see how much it costs to add collision insurance to your policy, get a car insurance quote today.
What Are the Benefits of Collision Insurance Coverage?
In addition to peace of mind, collision insurance coverage can help you avoid having to pay out-of-pocket for repairs that exceed the cost of your deductible. It can also help cover your losses when your damaged car is determined a total loss. In an automobile claim, a vehicle is considered to be a total loss when the extent of the damage renders the vehicle unsafe to repair or the cost to repair exceeds a certain percentage (as may be determined by state regulations) of the vehicle's actual cash value before the accident.
Does Collision Insurance Cover Hit-and-Run Accidents?
If a driver hits your parked car, your collision insurance policy may cover damages to your car, but it would not cover bodily injuries that are the result a hit-and-run accident. Collision insurance covers a variety of scenarios and can be a smart addition to your current policy. Get a quote from the AARP Auto Insurance Program from The Hartford today.
What Are the Deductibles and Limits for Collision Insurance Coverage?
The deductible is the amount you pay out-of-pocket before your insurance coverage helps pay the costs of your car insurance claim. Collision insurance includes a deductible. You choose the amount of your deductible from those offered by your insurance company at the time you select and purchase your insurance coverage. For example, if your deductible is $1,500 and your car repairs after a car accident are $5,000, you would be responsible for paying $1,500. Your collision insurance coverage would help pay the rest up to your coverage limit, which is the maximum amount your policy will pay toward a claim. Typically, the limit is the actual cash value (ACV) of your car. ACV is the actual cash value of the property on the date of the loss. To determine ACV of a vehicle in a car claim, the values of comparable vehicles in your area are taken into consideration.
What Is the Difference Between Collision Insurance and Comprehensive Insurance?
Comprehensive insurance and collision insurance are frequently confused. Both are types of insurance coverage for your car but they cover different kinds of events. Learn more about the difference between collision insurance and comprehensive insurance on our comprehensive insurance coverage page.
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