Car Insurance – Collision Coverage

Explore: Personal Finance Blog

Car insurance can be one of the most expensive parts of hitting the open road. In a typical auto insurance policy, about half of your premium goes toward collision and comprehensive insurance. Most policies automatically have these elements included, without you even realizing. These parts of the policy cover any damage that is incurred on your vehicle, as well as the loss you suffer when your vehicle is stolen or even damaged by an event other than a motor vehicle accident. What most people do not realize, however, is that a significant amount of drivers do not need this type of coverage. Many drivers of older-model cars could save thousands of dollars each year by dropping these areas of coverage, something your insurance company will not likely tell you.

The only part of a car insurance policy that every driver is actually legally obligated to have in order to drive on the road is liability coverage, which pays for any damage that you cause to other cars and/or people. Each state differs on the amount of liability coverage that they require, but they all require some level of liability coverage. No state requires collision and comprehensive coverage. Often times, people are paying for collision and comprehensive coverage that cover for more than their older vehicle is even worth. If you drive an older car, look into dropping these parts of your insurance policy, and it could save you big.

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