What Is Collision Insurance?
In short, it’s an agreement between you and an insurance company, where the insurer will help pay to repair or replace your vehicle in the event of collisions with other cars or inanimate objects.
Is Collision Insurance Mandatory?
Not technically, the only car insurance that’s legally required is liability insurance, which covers other drivers and pedestrians in case of an accident. However, automobile dealerships and banks need you to possess collision insurance if you’re leasing or still creating payments. That’s smart for you, too—no one wants to keep making payments on a smashed-up, undriveable car years after the fact.
Why Should I Get Collision Insurance?
A car accident has a major ripple effect on your job, family and free time—after all, unless you’re an extreme hobbyist or collector, you’re likely to have a car so you can get from place to place. Collision insurance minimizes the time you’ll spend car-less and maximizes the time you’ll spend living normally.
There are a few scenarios where it doesn’t make sense: When you’re driving a car whose replacement cost would be cheaper than your annual premiums, or when you have enough disposable income that you just might simply pay of pocket in an accident. For everyone else, we highly recommend it.
What Does Collision Insurance Cover?
As the name suggests, it covers costs related to collisions with other vehicles or objects like lamp posts and parking meters. It’s there to help you pay for repairs or a replacement, and if you’re leasing your car or still paying it off, it also helps cover that debt if it’s totaled.
How Much Does Collision Insurance Cost?
There’s nobody price for collision insurance since your policy and premiums will be personalized for you and your vehicle. The final tag is going to be based mostly in the main on these factors:
- Car value: Expensive cars are more expensive to insure because replacement and repair costs are higher. The opposite is true for cheaper vehicles.
- Safety record: One or 2 fender benders won’t hurt you an excessive amount of, but major offenses like DUIs will cause your costs to skyrocket.
- Experience and age: The longer you’ve had your license, the less you’re likely to pay. Age is additionally a factor—most drivers see a giant drop-off in prices when age twenty-five.
- Location: Different|completely different} regions (called “rating territories”) have different risks that affect prices. For example, drivers in congested cities will likely pay more for insurance because heavy traffic is a risk factor for accidents, even if you’re a good driver otherwise.
A practiced driver with an ideal safety record and a low- to a mid-range vehicle can pay solely many hundred greenbacks a year for collision coverage. New drivers with dangerous records, particularly ones with costly cars, could pay thousands for the same coverage.
The Awesome Benefits of an Independent Agent
Your car is one of your most important assets—don’t let mistakes and misunderstandings get between you and the coverage you need. Independent agents change the method by comparing insurance quotes for you. They’ll also cut the jargon and clarify the fine print, so you know exactly what you’re getting.
Most importantly, they’ll be there to help you and your family in case of an accident. They’re consultants at handling claims and serving to you maximize the advantages of your insurance.
Comparing Collision Insurance Quotes
Instant online insurance quotes square measure nice, but algorithms are designed for the lowest common denominator and can miss important details. Our knowledgeable agents do the exertions behind the scenes, thus you’ll get pleasure from a policy that strikes the proper balance of meeting your desires and saving you cash.