March 5th, 2013

There are basically 3 types of coverage regarding car insurance: collision, comprehensive, and liability. What do they cover and when should you consider dropping one or more?

4 thoughts on “March 5th, 2013”

  1. Katherine Graham says:

    Should you get into an accident with another vehicle, liability would cover accidental injury and property damages to the other people you got into the accident with. This includes any medical expenses, pain/suffering, and lost wages. Damaged property/automobiles is what’s covered under the “property damages” part I listed above. Liability also covers defense/court costs. Collision covers YOUR vehicle, should you collide with another vehicle/object. Comprehensive insurance covers any loss/damage to YOUR vehicle that didn’t occur in an automobile accident. This includes (but I don’t think is limited to) loss/damage caused by fire, flood, hail, theft, vandalism, or wind. You should consider dropping one or more once you own the car (if you initially had to take out a loan). When you still have a loan out, you are required to have full coverage; once you own the vehicle, this is no longer necessary. You should also consider dropping one or more when your vehicle isn’t worth much. For instance, we dropped down to the bare minimum. This is because we rose our deductible to the highest amount ($5,000) to lower our monthly payment to the cheapest it could be. Our car isn’t even worth the deductible. Therefore, if we are ever in an accident, we would just be out a vehicle if we are at fault. However, if we are not at fault, the other party/parties would be responsible for any damage to our car, my husband, and/or me.

  2. Mike Finley says:

    You covered that question with great depth, Katherine. I do not have much to add. Nice job.

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