Auto Insurance Collision Coverage Limits
When you acquire Car insurance collision coverage you must inaugural dub an magnitude you aspiration to be covered for. This is normally $100,000.00, on the contrary can be another or less depending on your needs. The immensity is recurrently listed as Belongings damage on an Car insurance policy since that wrinkle besides applies to plentiful coverage.
Auto Insurance Collision Coverage Deductibles
The abutting affair that must be designated on Car insurance collision coverage is the deductible. This is the dimensions you earnings yourself before insurance boodle is paid. Most insurance companies commencement you with a $500.00 deductible. You can petition to hoist your deductible to $1000.00, $2500.00 or yet amassed. That could lower your Car insurance price significantly, on the other hand price you and provided you accept an accident.
However, if you have a loan on the vehicle, are leasing the vehicle or there is a lien holder then you may be required To possess auto insurance collision coverage.
You must pay that. Remainder of the repairs, up to your collision coverage limit, is paid by your insurance company.
Who Needs Auto Insurance Collision Coverage
If your car is new, in excellent condition or expensive to replace then auto insurance collision coverage is a good idea. If you don't have auto insurance collision coverage and you get into an accident you will have to shop for all the repairs yourself. If your car is financed or leased you will most likely be required to carry auto insurance collision coverage. The bank or lien holder doesn't want to lose their investment if you get into a crash.
Who Doesn't Need Auto Insurance Collision Coverage
If your car is old, in poor condition or inexpensive then auto insurance collision coverage may not be a good use of your money. Auto insurance collision coverage is generally limited to the cash value of your car. If that isn't much then you may be paying for insurance that you wont get much use out of even if you do get into a crash. If this applies to you consider dropping auto insurance collision coverage.
Rules Concerning Auto Insurance Collision Coverage
Unlike liability insurance, auto insurance collision coverage is not required by the states.
