Comprehensive Insurance

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Auto insurance typically requires a minimum level of bodily injury liability and property damage liability insurance, or the car owner must have the financial means set aside to meet minimum requirements in the event an accident occurs. Both collision damage insurance (pays for damages caused to your car if involved in an accident) and comprehensive insurance (pays for damages caused to your car due to alternative means like "Acts of God," theft or vandalism) auto insurance are add-ons to a basic auto insurance policies and are not required by law. There are times when avoiding collision and comprehensive auto insurance is a smart idea.

Reasons to Avoid Collision and Comprehensive

If you have an older vehicle where the cost of repairing damage to it would exceed the actual value of the car, avoiding collision and comprehensive auto insurance is beneficial. Collision and comprehensive auto insurance can add hundreds of dollars worth of costs on top of an already pricey policy, and if you are driving around a low-value vehicle, the premiums paid for the vehicle might be worth more than the actual cost.

If your vehicle is is severely damaged, you would be required to meet your financial deductible, and then you would get a reimbursement from your insurance company. Depending on your insurance policy, the deductible amount can range from $500-$2000. Many older vehicles may only sell for that amount of money, so paying for the additional collision and comprehensive auto insurance does not make financial sense.

When Collision and Comprehensive are Necessary

If however you purchased and financed a new car, you must carry collision and comprehensive auto insurance. Technically, the financial institution that loaned you the money owns the car until you make the final payment and receive the title. Therefore, they require collision and comprehensive auto insurance to protect their asset.

Before being able to legally operate your vehicle, all states tend to require a minimal degree of automobile insurance or at least require that the vehicle owner has a certain level financial assets enough to act as compensation in an accident. But what would happen if your car was not involved in a conventional collision and damage occurred to your vehicle in a different way? That is where comprehensive auto insurance would kick in to help you offset the costs.

What is Comprehensive Auto Insurance?

Comprehensive auto insurance is a type of policy that will provide you coverage regardless of the source of damage (excludingmoving accidents and theft). Unusual but common "alternative" car damage such as fire, vandalism, natural disasters, including storms and hurricanes, or "acts of god" are all types of damage that would by covered by a comprehensive auto insurance policy.

Comprehensive Costs

As with all varieties of car insurance rates, the cost of comprehensive auto insurance fluctuates based on a slew of reasons. Your personal driving record, the type of vehicle being insured, your age and where the insurance is being purchased can influence the rate you end up paying for comprehensive coverage. Since collision auto insurance is not included under conventional auto insurance policies, it costs you additional money to purchase. However, that extra amount has the potential of preventing a huge financial set back for you if your car is totaled by an act that cannot be claimed against your car insurance policy.

Life is filled with surprises, some which are fantastic and others that can make you break down and cry. One way to ward off the negative impact of an unexpected surprise, such as a tree falling over and crushing your car, is to insure your car with a comprehensive auto insurance policy. Comprehensive auto insurance can help provide you with the peace of mind where there may otherwise be none.

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