Comprehensive? Collision? Or Both?
Which Insurance Coverage Is Right For Me?
Collision and Comprehensive Insurance are two types of coverage that you can add to your auto insurance policy. While these two separate types of coverage can be easy to confuse, they each cover different types of claims. If you cannot afford to repair, replace, or buy a new car, “comp” and “collision” should be added to your policy. New and expensive cars should have both comp and collision. Any vehicle where the value is higher than what your deductible would be, should absolutely have comp and collision.
Collision Insurance
It’s for YOUR car
Collision insurance covers the costs of repair, up to your policy limit, if your car hits another car or an object like a fence or mailbox. Key word “collides”. It also provides you with coverage if you are hit by an uninsured motorist or if someone runs into your vehicle and drives away without providing their information.
If you file a collision insurance claim, you will only have to pay your deductible for the repair. If your car is totaled, meaning that the cost of repairing your car is more than the car is worth, you will be paid the value of your car, minus your deductible.
What is Automobile Collision Coverage?
No matter how careful of a driver you are, you may find yourself in a situation where a collision is unavoidable: you may hit a wet patch on the road and lose control of your vehicle, the person in front of you could brake suddenly, you may hit a pet that runs out in front of your vehicle, or a tire blowout may cause you to swerve into another vehicle. Car repairs can be expensive, and what appears to be a minor repair could set you back hundreds, or even thousands of dollars.
Collision coverage is an auto insurance coverage option that helps pay repair or replacement costs to your vehicle if you are in a collision.
Is Collision Coverage Required in Nevada?
You are not required to carry collision coverage in Nevada. However, if you lease or finance your vehicle, your lender or the dealership you’re leasing from may require that you carry collision coverage to protect their interests. The bank is lending you money, so they want to ensure if your vehicle is totaled, they have a way to collect their money via your insurance policy.
What Does Collision Coverage Cover?
Whether your vehicle hits a deer, or a deer hits your vehicle may seem like an insignificant distinction, but to your auto insurance adjuster, it determines whether your claim will be filed under your collision or comprehensive coverage. Collision insurance covers car crashes and other accidents in which your vehicle hits another vehicle, a stationary object, or an animal.
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How Automobile Collision Coverage Benefits You
While adding collision coverage to your policy will increase your monthly premium, it can potentially save you hundreds or even thousands of dollars if you are in a collision. If you have any value whatsoever in a vehicle, or if your vehicle is worth something above what your deductible is for collision, you should carry collision coverage on your policy.
Collision Coverage Pays Out If You Are Responsible for a Collision
If you are the at-fault driver in a collision, your auto insurance company will cover your repair costs to restore your vehicle to pre-accident condition, minus your deductible. If the cost of repair is greater than the value of your vehicle, then they will pay you its market value at the time of the accident, minus your deductible.
Collision Coverage Pays Out If You Are Not Responsible for a Collision
Sometimes, filing with your own auto insurance company (as opposed to making a claim on the other driver’s auto insurance) is the quickest and easiest way to get your vehicle repaired. Even if you’re not at fault for the accident, you can file with your insurer, pay your deductible, and get your vehicle repaired promptly. If it is determined that the other driver was indeed at fault, your insurer will work on your behalf to get reimbursed for the repairs, including your deductible. So, if the accident is not your fault, it’s best to file a claim with the at fault drivers’ insurance company.
Deciding Whether You Need Collision Insurance
When you’re deciding whether your policy should include collision coverage, there are a few factors to consider.
♦ The Value of Your Vehicle
Generally speaking, the more your vehicle is worth, the higher the cost of repairs. If you own a vehicle that is worth $10,000 or more, collision coverage is a great investment. However, if you own a less expensive vehicle, say, one that’s under $2,000, then it might make sense to pay for repairs on your own.
♦ Your Ability to Cover Repairs
If your financial position would enable you to take care of an unexpected repair or even purchase a new vehicle, then you may consider saving money by going without collision coverage.
♦ Your Risk of an Accident
Maybe you only drive your car a few times each month, and it sits in your garage for the rest of the time. If that’s the case, then your accident risk is quite low and you may not need collision coverage. However, if you’re driving your car every day or park it on the street at night, then it’s risk of being hit is much higher and collision coverage would be a wise investment.
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Comprehensive Coverage
Comprehensive insurance is insurance coverage that protects your car from damage that doesn’t happen as the result of a collision. If someone rear-ends your car at a stop sign or backs into it in a parking lot, you’re pretty confident that someone’s insurance, yours or theirs, is going to pay for the damage. But what happens if a bad storm causes a tree to fall on your car while it’s parked in your driveway? What if a rock shatters your windshield? What if your vehicle is vandalized or even stolen, or parts of your car are stolen? What if it catches on fire, or is involved in a natural disaster, etc.? Will you have to pay for that damage out of pocket? If you have comprehensive insurance, you will only have to pay your deductible to have your vehicle returned to the condition it was in before the damage.
Here’s another scenario in which Comprehensive coverage is important. Let’s say you want to unregister a vehicle you don’t drive anymore, but you don’t want to take a loss if it were stolen or vandalized, or a tree were to fall on it. You can get a policy that only covers comprehensive coverage, which is very inexpensive and so worth it.
Why Do I Need Comprehensive Insurance?
Two main reasons you may need Comprehensive Coverage
1. Many lenders or lease holders require that you have comprehensive coverage; after all, they have a vested interest in making sure that your vehicle is maintained.
2. For you. If you don’t have the desire to replace or repair your car if something happens to it, comprehensive coverage has the potential to save you a lot of money. But do you need it? The answer to that question will depend on your unique situation. If you’re not required to have comprehensive insurance, then you need to decide how much you’ll benefit from coverage.
Benefits of Comprehensive Coverage
Nevadan’s are not required to have comprehensive coverage, so it may be very tempting to save money by not adding it to your insurance policy. It may not be right for everyone, because the value of their car is so low, or if they don’t have an auto loan, maybe they have the cash to buy a new car and want to save the money each month. It may be that the money spent on comprehensive coverage wouldn’t mathematically make sense to pay the increased cost on the policy to cover a car with low value. In these scenarios, it may make sense to leave it off your policy.
However, this could be a costly mistake if you own a car that has any kind of value. We suggest you think twice about that decision. Comprehensive insurance is often a smart investment that can protect you from hundreds or even thousands of dollars in costly repairs, and worst case, replacing the whole car on your own.
What Does Comprehensive Insurance Cover?
To many of us, the word “comprehensive” seems to suggest that everything is covered. However, when it comes to auto insurance, that isn’t the case. There are a few things, like collision damage and hospital bills, that your comprehensive insurance will not cover. However, comprehensive coverage does take care of a lot that collision coverage doesn’t. Here are a few things that comprehensive insurance will generally cover.
Weather Damage
If your car is damaged in a hailstorm, a windstorm, tornado, or any other weather-related incident, comprehensive coverage will ensure that your car is repaired to the condition it was in, prior to the incident. If your car is totaled, then you’ll receive a check for its value.
Flood Damage
Water damage can destroy your vehicle’s upholstery and mechanical parts. In fact, flooding can easily total a vehicle. Las Vegas residents should be aware of potential flood damage that happens fairly often, and is a problem that they could potentially deal with. According to the National Flood Insurance Program, 20% of flood claims come from low or moderate-risk regions.
Fire Damage
Roadside car fires are not terribly uncommon, but unless you have comprehensive insurance, you’ll be paying for the damage yourself.
Animals
You may assume that if you “collide” into an animal, then that accident will be covered by your collision insurance. However, that’s usually not the case. Comprehensive insurance will cover any damage that would result from hitting an animal. If you swerve to avoid hitting the animal, and then have an accident and don’t hit the animal, that would be a collision.
Vandalism
Smashed mirrors, scratches, dents and slashed tires; unless you have comprehensive coverage, then these acts of vandalism will be yours to cover.
Theft
If your car was stolen tomorrow or if someone broke into it and stole your sound system, would you have the funds to replace it? Comprehensive insurance covers theft, ensuring that if you are a victim, you won’t have to pay for the entire cost of replacement.
Glass and Windshields
Needing a windshield or glass repaired or replaced can happen at any time. Comprehensive coverage OR a special “glass coverage” may be available to be added to your policy, to help protect you against the cost of having to repair or replace a windshield or window on your car. Ask your agent about this coverage for your policy. This is especially important if you are concerned that replacement costs would be high, and understand that your deductible is a factor to consider. Sometimes the deductible on your comprehensive is so high, that you’ll pay the full amount of the glass repair on your own.
Do I Need Both Types of Insurance Coverage?
If you are making payments on your vehicle, your bank lender or lease holder may require you to have “full coverage” which typically includes both comprehensive and collision coverage. Reason being, they have a financial investment in the value of your vehicle, and they have a vested interest in making sure that it stays in good condition.
Maybe you own your vehicle outright; do you still need comprehensive and collision coverage? To decide how much coverage you need, think about your unique situation. Consider the value of your car and the cost to add comp and collision to your policy, minus what you’d pay in a deductible. Do you feel it would be necessary? Do you drive every day, or does your car spend most of the time parked in your garage? Do you have an older vehicle, or is your vehicle only a couple of years old? If you got into an accident tomorrow, or someone hit and ran, could you pay out of your own pocket the cost of repairing or replacing your car?
When it comes to deciding how much coverage you need, there isn’t a one-size-fits-all solution. Think about your needs and habits and decide what is best for you. Many times, auto owners that have older cars that aren’t really deemed “collectors” will not add collision or comprehensive coverage to their policy. We strongly recommend at least comprehensive as it will protect the total loss of the vehicle. But sometimes owners figure the extra cost to their policy, plus paying the deductible if the car were to be involved in an accident wouldn’t be worth it.
Build the Best Policy With Nevada Insurance Enrollment
Building the auto insurance policy that is right for you can be difficult. With so many different options available, you may worry that you don’t have the right amount of coverage. Carrying too much coverage on an older car may end up costing you more in the long run, while having too little coverage can leave you with thousands of dollars in unforeseen losses and/or repairs in the event of an accident and lawsuit. Call us today so we can have our licensed auto insurance agents review your options and build the policy that will fit your needs and budget.
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