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Home > Blog > It's your Auto Insurance and it's your money!
TUESDAY, MAY 5, 2020

It's your Auto Insurance and it's your money!

It’s Your Money and Your Decision ...

Have you ever struggled with the decision of whether to have comprehensive and collision coverage on your auto insurance policy?  For starters lets be sure about what those terms mean in car insurance coverages.  Sometimes policies will label comprehensive coverage as “other than collision” coverage.  Of course, my legal disclaimer advises you to know that your specific policy benefits are subject to all provisions and exclusions stated in your own policy contract.

The general idea of comprehensive coverage is for damage not related to accidents or as stated earlier – other than collision.  Then, collision covers damage from colliding vehicles when your vehicle is damaged (subject to the deductible in your policy).  On a side note:  Do not confuse your coverage for property damage as helping with your repairs, because property damage is for damage to other people’s property. 

Now we come to the relevant question, “Is there a time in the age of my vehicle when I should consider dropping these extra coverages?”  You must answer this question after you evaluate the facts.  You will have to live with the consequences if left with uncovered repair bills.  I invite you to consider one other important question, “How much will my comprehensive or collision coverage pay if my eight-year old car is totaled?” 

Most policies will pay what I call the street value of the vehicle.  This means that if in your area, there are car lots selling a “like vehicle of the same year and model” for $3,500, then that is the amount of loss claim you can expect minus the $500 deductible.  Now, you compare the extra monthly cost of comprehensive and collision on your policy.  If this is $75 per month or $900 yearly, then I can decide to keep my $75 every month and take my chances.  I am assuming the risk, and so I pay less for insurance.  When will I care the most?  If I have an accident, then I regret my decision.  

If I have a new car, obviously I do not want to risk a major financial loss.  Also, if there is a loan on the car or truck, then almost always they have an interest that requires me to cover damage to the vehicle.

Whatever your question and your ultimate decision, bring your insurance needs to the Insurance Place of Orange Park, Inc. (Pickering Agency).  Your tolerance for risk may be high or low.  No matter, we will explain your decision factors.  Then, you can decide what insurance coverages are right for you and your budget.

Posted 7:28 PM

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