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Collision Auto Insurance

Collision/crash auto insurance will help cover the cost of repairing your vehicle in the event that you have an accident. After you pay the deductible that you selected, your insurance company will pick up the rest. A deductible is the amount of money that you must pay before your insurance takes over. The larger the deductible, the lower your collision/crash auto insurance premiums are likely to be.While you are not legally required to carry collision/crash insurance, you may be required to buy this type of auto insurance if you finance or lease your car. Loaning and leasing institutions want to be assured that the leased or financed vehicles will remain in good repair until you replace them or pay out the loan.Under some circumstances, buying collision/crash insurance may not make sense financially. Insurance companies will only reimburse you for the retail value of your vehicle, less deductible, if you are involved in a wreck. For example, if your car has a retail value of $2,000 and repairs come to $3,000, you will be out at least $1,000, depending on your deductible, if you want to repair your car. Therefore, it might not be worth the money to pay for collision/crash insurance if your car is old and has not well-maintained. You might be better off banking those premium payments.

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