You have been in an accident that is serious. Car vs. tractor-trailer He didn’t blinker and changed lanes. Now, you have a stiff neck, a damaged vehicle, and an increasing number of bills. You were smart enough to find good insurance coverage. You aren’t sure what type of coverage you have purchased. Now that you have filed a claim with your agent, you are even more confused. You may now be asking yourself, “What is collision insurance?” Don’t worry. Here are some important details about collision insurance.
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Collision Insurance Defined
There are three main types of auto insurance: bodily injury (PIP), personal injury protection (PIP) and uninsured driver (UM). Collision insurance covers damages to your vehicle if you are the at fault driver. Let’s suppose you hit another vehicle or a streetlight. Collision insurance covers the cost of repairs and replacements for your car.
What about the vehicle of the other person? Liability coverage typically covers their claims. Collision coverage covers your vehicle’s damages, less any deductibles you may have to pay out of pocket. While collision coverage is usually optional, it can be required if your vehicle is being financed or leased.
Collision Insurance vs. Comprehensive Coverage
How is this different from comprehensive coverage? Isn’t complete coverage the same thing? Comprehensive coverage that covers everything Not quite. Comprehensive coverage is when your insurer covers damage to your vehicle that was not caused by an accident. This includes theft, vandalism and tree falls on your car.
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What isn’t covered by collision insurance?
Collision insurance does not cover all situations. These situations may be covered by other types of insurance. The following is not covered by collision coverage:
- Expenses relating to bodily injury
- Vehicle damage when it isn’t being driven (theft or vandalism, acts God or Nature)
- Benefits of Collision Insurance
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Although it will increase your premiums, collision coverage is a great option. The benefit is that you can avoid paying out-of-pocket costs for vehicle damage. If your vehicle is “totaled”, you also get coverage. Your car is not repairable or more expensive than it is worth. The insurer will pay the retail value of your car to you and you can choose to lease or buy a new vehicle if you wish.
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Next step: Find an attorney
You have been in an accident with a car. Now that you have filed your claim with the insurance adjuster, they are going to discuss collision coverage, uninsured driver, and deductibles. Let an experienced attorney help you get through your motor vehicle accident. Get in touch with a local lawyer today.