Comprehensive Insurance

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Comprehensive Insurance

Should You Buy Comprehensive Insurance?

In most states, comprehensive insurance is not an option for leased or brand new vehicles, as the lender will require comprehensive insurance coverage as part of the sale or lease contract. Comprehensive insurance on older vehicles requires careful consideration of the pros and cons before buying an auto insurance policy.  Purchasing comprehensive coverage in addition to liability coverage means you will pay a higher monthly premium, but it also has many benefits that are worth considering.

Auto Insurance Basics

Liability insurance covers injury to you or other injured persons in an accident, and a minimum amount of this type of auto insurance coverage is required in all states. Your state’s Department of Motor Vehicles website will provide details on the necessary requirements. Full coverage insurance covers damage to your vehicle, and is your protection against monetary loss should you be involved in an accident. Full coverage insurance is a combination of two commons types of physical damage coverage: collision and comprehensive.

  • Collision insurance covers damage to your car when it hits or is hit by another vehicle or object. Coverage pays the costs to repair or replace your vehicle less a deductible you choose. For example, if you choose a deductible of $1,000 and your car sustains damages totaling $2,500, you pay $1,000 and your insurance company pays $1,500.  It is recommended to pay as high a deductible as you can comfortably afford in order to lower your monthly premiums.
  •  Comprehensive insurance covers your vehicle, and in some cases other vehicles you may be driving, for damages due to incidents other than collision. Covered incidences include theft, fire, flood damage or animals (i.e., you hit a deer). Like collision, comprehensive coverage pays the costs to repair or replace your vehicle less a deductible you choose. Paying a higher deductible means lower monthly premiums.

Should you buy collision and comprehensive insurance?

If you have payments on your current leased or financed vehicle and are involved in an accident, you will likely find yourself without a vehicle to drive while owing the full balance on your vehicle if you do not purchase collision and comprehensive insurance. If you are not financing your car, you should take into account the value of the vehicle you drive. If you could easily replace the vehicle after an accident, full coverage insurance may not be necessary. If the car has value, or you would be unable to purchase a new vehicle after an accident, collision and comprehensive insurance could give you the peace of mind you need.

Things to take into consideration when contemplating buying comprehensive insurance:

  • Your car’s condition and value
  • Use of the vehicle
  • Your financial ability to replace or repair damages after an accident
  • If payments are being made, your contractual obligations to the lender

If comprehensive coverage is an option for you, request a free quote with no obligation whatsoever. Within minutes you can review your quotes and decide which auto insurer to work with to determine the best coverage for your needs.