Collision and comprehensive insurance may be essential to your complete auto insurance plan. They can help cover repairing or replacing your vehicle after a covered accident or incident.
There are minimum insurance coverage requirements for liability insurance in Virginia. Liability insurance is intended to cover the costs of injuries and property damage you may be legally responsible for in an accident. It does not cover damage to your vehicle, however.
What Does Comprehensive Auto Insurance Cover?
Comprehensive coverage may help cover noncollision-related incidents, including the following:
What Does Collision Auto Insurance Cover?
Collision insurance may help cover damage to your vehicle if it collides with another object, such as another vehicle or a stationary object. It may also help cover single-vehicle, rollover and hit-and-run accidents.
When to Purchase Collision and Comprehensive Insurance
If you finance or lease your car, the lender may require these policies as part of your full coverage auto insurance. Car accident insurance can also be important for higher-value or newer vehicles to help protect your investment.
Comprehensive and collision insurance may not be cost-effective in certain situations, including the following:
- If you have an older vehicle with a low market value, the cost of comprehensive and collision coverage may exceed the potential payout in the event of a claim.
- If you have comprehensive and collision coverage with high deductibles, it could make the coverage less valuable. High deductibles mean you’ll have to pay a significant amount out of pocket before your insurance kicks in.
- If you have the financial resources to repair or replace your vehicle without significant hardship, you may forgo comprehensive and collision coverage. For some individuals, the peace of mind insurance provides is not worth the ongoing premium costs.
When deciding whether comprehensive and collision insurance is necessary, it’s essential to carefully assess your specific circumstances, including your vehicle’s value and financial situation.
Collision and comprehensive coverage aren’t suitable for every situation. Our experienced agents will work closely with you to understand your needs and recommend appropriate auto insurance policies and endorsements.
HIS Insurance & Service in Winchester, Virginia, is committed to finding you the best coverage at competitive rates. Contact us today for a personalized auto insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.