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Collision Insurance

Collision coverage on your auto insurance comes into play if your car is damaged in a accident. Collision covers anything resulting from a collision with another vehicle to single car accidents (while the car was moving). Collision auto insurance covers the cost of repairs to your vehicle - not repairs to other parties involved in the accident. That would be covered by your liability insurance if you were at fault or partly at fault. Collision coverage remains in force whether you are at fault in the accident or not. You will be responsible for the deductible chosen before the insurance will kick in.

Collision insurance is one of the more expensive coverage's available. If you have a new car or a vehicle that has a lien on the title (financed Vehicle) collision auto insurance may be worth the investment and may be required by your lending institution. If you have a older vehicle or the a low value vehicle you may not want to purchase collision insurance. Collision is not the same as comprehensive insurance.

If price is your main concern then you may have the option of raising your deductible to lower the collision premium. Keep in mind that some lenders will only allow a maximum of $500 for the collision deductible. You can contact your lender to determine their guidelines. The higher the deductible you choose the more financial liability you will have in case of an accident. You have to weigh the short term benefit of having a high deductible compared to how this could affect your you incase of an accident

One thing to keep in mind: if an accident is not your fault, your auto insurance company will attempt to recover costs from the 'at fault' driver's auto insurance. If they recover their full costs they will refund you the deductible amount.

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