Comprehensive Coverage
What is comprehensive coverage?
Comprehensive Coverage pays for damages inflicted on your car that are not related to a collision. Such damages include weather (fire, hail, etc.), theft, or vandalism. Keep the following facts in mind regarding Comprehensive Insurance:
- In order to collect payments for theft, you must report the theft to police.
- Comprehensive Coverage often pays for rental cars, or other temporary transportation that you choose if your car is stolen.
- Payment is determined using the Actual Cash Value of your car and the deductible on your policy. The Actual Cash Value of your car is the market value of your car before it was damaged/stolen. Your payment is determined with the following formula:
Actual Cash Value of Car- Policy Holder’s Deductible= Amount Paid.
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What does comprehensive coverage cover?
Comprehensive Coverage differs from Collision Coverage in that it only covers damages to your automobile that do not have to do with an accident.
What is not covered by comprehensive insurance?
Comprehensive Coverage does not cover personal injury, or damages inflicted by an accident.
How much comprehensive insurance should I buy?
The amount of Comprehensive Insurance you should purchase depends on a variety of factors, one of which is the state of your car. Consider the following scenarios:
- John has a new car, and he lives in an area of higher auto theft. He purchases more Comprehensive Insurance.
- Nick has a slightly older car. He lives in a rural area where there is less theft. He purchases less coverage.
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