If a car undergoes severe damage or is totaled but it is unrelated to an auto accident, comprehensive insurance will pay for the damages or even offer dollar replacement. Potential damage that might be covered by this insurance could include wind, flood, earthquake or weather damage of other types, or generally other unpredictable events for which the driver or owner cannot be held responsible. Though comprehensive insurance may be optional, it can be compulsory if you buy a car with an auto loan.
Many lending agencies require borrowers to carry comprehensive coverage for the length of the loan. Anyone that has bought a rather expensive car or extravagant automobiles even without a loan may possibly want to buy comprehensive coverage to protect their investment. It's hard to put an amount on comprehensive insurance since it is so unpredictable.
A few things can bring down the price. First, most forms of this insurance will have a deductible. Once damage has gone above the deductible amount that is required, protection would begin.
Common deductible amounts include $250 US (USD) and $500 (USD) per each incidence of damage. Generally you'll pay more for comprehensive coverage if your deductible is lower. One advantage to lower deductibles is that some auto body shops may waive them if they have to perform significant repairs on your vehicle.
When considering deductible, consider how much money you have to potentially lose or need to spend if a car becomes seriously damaged. Those that don't mind the higher deductible will save money on their insurance premiums. The value of your vehicle is also important.
If the car note is paid off and the value of the car isn't worth it then carrying comprehensive insurance might not be of value to you. It might not be terribly important to purchase comprehensive insurance on a car only worth a couple thousand USD, since in a few years' time, you might pay more for the insurance than you would to replace or repair the vehicle. More often than not, collision and comprehensive car insurance is presented in a package, though it is possible to buy the two kinds of coverage individually.
Comprehensive car insurance covers theft, fire, vandalism, weather damage, riots, missiles, and other situations that can cause harm to a motor vehicle. Acts of God, theft or vandalism by family members or employees, contents inside the vehicle, tires, or damage because of improper maintenance are not covered by comprehensive insurance.
Many lending agencies require borrowers to carry comprehensive coverage for the length of the loan. Anyone that has bought a rather expensive car or extravagant automobiles even without a loan may possibly want to buy comprehensive coverage to protect their investment. It's hard to put an amount on comprehensive insurance since it is so unpredictable.
A few things can bring down the price. First, most forms of this insurance will have a deductible. Once damage has gone above the deductible amount that is required, protection would begin.
Common deductible amounts include $250 US (USD) and $500 (USD) per each incidence of damage. Generally you'll pay more for comprehensive coverage if your deductible is lower. One advantage to lower deductibles is that some auto body shops may waive them if they have to perform significant repairs on your vehicle.
When considering deductible, consider how much money you have to potentially lose or need to spend if a car becomes seriously damaged. Those that don't mind the higher deductible will save money on their insurance premiums. The value of your vehicle is also important.
If the car note is paid off and the value of the car isn't worth it then carrying comprehensive insurance might not be of value to you. It might not be terribly important to purchase comprehensive insurance on a car only worth a couple thousand USD, since in a few years' time, you might pay more for the insurance than you would to replace or repair the vehicle. More often than not, collision and comprehensive car insurance is presented in a package, though it is possible to buy the two kinds of coverage individually.
Comprehensive car insurance covers theft, fire, vandalism, weather damage, riots, missiles, and other situations that can cause harm to a motor vehicle. Acts of God, theft or vandalism by family members or employees, contents inside the vehicle, tires, or damage because of improper maintenance are not covered by comprehensive insurance.
About the Author:
Learn more at Low Cost Auto Insurance and Discount Auto Insurance. Chimezirim Odimba helps people get quality insurance coverage at low rates.
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