Comprehensive and Collision Auto Insurance
A comprehensive and collision policy may pay for direct or accidental loss to the covered automobile for physical damage and is sometimes referred to as "full coverage" when combined with liability protection. This coverage usually includes deductibles which are chosen by the insured at the time coverage is purchased. Common deductible amounts are $250, $500 and $1,000. Deductibles usually need to be paid in order to obtain compensation from the insurer or can be subtracted from the amount due to the insured in the event that a settlement for the actual cash value is reached rather than repairing the vehicle; this is most commonly done if the automobile is damaged beyond repair or has been stolen.To find out how much Comprehensive and Collision coverage costs, enter your zip code below to get quotes from multiple companies.
Comprehensive and collision cover losses for many perils, but there are a number of exclusions which may not be covered, the following are the more common exclusions of this type of coverage;
- Losses due to wear and tear, freezing, mechanical or electrical breakdown.
- Damage caused by war or nuclear perils.
- Audio, visual and data electronic equipment not permanently installed in the vehicle; this includes but is not limited to items such as radios, tape decks, CD players, telephones, personal computers, VCR's, DVD players, videotapes, compact discs and DVDs.
- Radar or laser detection equipment.
- Custom furnishings or equipment in a pick up or van.
- Awnings, cabanas or equipment designed to create additional living facilities.
- Destruction or confiscation by government or civil authorities.
- Custom murals, paintings, decals or graphics.
Auto insurance providers have two options in which to compensate policyholders for physical damage losses; the insured can be given actual cash value or the amount needed to repair of replace the property, whichever is less. If an insurer and insured cannot agree on a settlement amount, the loss may be appraised. If a carrier pays in a monetary form, compensation may include any applicable sales tax for the property.
Collision Coverage
As the name itself may suggest, the collision portion of the policy covers damages caused by the impact of the insured automobile with another object or vehicle, as well as the upset of a vehicle. This protection may apply regardless of fault and may be required when a vehicle is leased or financed. The price of collision coverage may be dependent on the vehicle value and replacement cost as well as the rated driver.
Comprehensive
Comprehensive, sometimes referred to as OTC or "other than collision", covers the following perils;- Falling objects
- Fire
- Theft or larceny
- Malicious mischief or vandalism
- Contact with an animal
- Broken glass
- Explosion
- Earthquakes
- Windstorms
- Hail
- Flood
- Riot or civil commotion