Understanding Collision Insurance: Why You Need it - Insurance Tips

Understanding Collision Insurance: Why You Need it - Insurance Tips

What is Collision Insurance?
How Does Collision Insurance Work?
Coverage and Limitations of Collision Insurance
The Cost of Collision Insurance
Is Collision Insurance Worth it?

What is collision insurance?
Collision insurance is auto insurance that pays for the cost of repairing or replacing your car after an accident, regardless of who is at fault. This is distinct from liability insurance, which only covers damage you cause to other people's property or injuries they sustain in an accident for which you are responsible.
Typically, collision insurance will pay for damage to your car from:
Collisions with other vehicles
Collisions with stationary objects, such as trees or telephone poles
Rollover accidents
However, collision insurance does not cover damage to other people's property or injuries they sustain in an accident. For that, you'll need liability insurance.
How Does Collision Insurance Work?
If you have collision insurance and your car is damaged in an accident, you must file a claim with your insurance company. The insurance company will dispatch an adjuster to assess the damage to your vehicle and determine whether it is repairable or a total loss.
If the car is repairable, the insurance company will either pay for the repairs directly or reimburse you for the costs after you have paid for them out of pocket. If the car is declared a total loss, which means it would cost more to repair than it is worth, the insurance company will pay you the car's actual cash value.
You'll need to pay a deductible, which is the amount you agree to pay out of pocket before your insurance coverage kicks in. The higher your deductible, the lower your monthly insurance premiums will be.

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Disclaimer - Our videos are created from news articles relating to the Insurance Industry, all information is created for education purposes. We stress that anyone that wants to invest in any type of Insurance policies of any nature, they need to meet with a qualified Insurance Agent or Insurance Broker.

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İs it possible to insurance liability and collision in different insurance companies?