Comprehensive auto insurance is insurance coverage that pays to repair or replace a vehicle damaged by things other than a collision with another vehicle or a rollover. Sometimes called “bad luck” or “non-collision” insurance, comprehensive insurance covers events beyond the driver’s control. in some states, comprehensive coverage also pays to replace a damaged windshield. But how much does comprehensive car insurance cost?
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how much does comprehensive insurance cost
Comprehensive insurance coverage cost about $160 a year on average in 2017. This is cheaper than most other types of coverage. though this number probably includes group policies that are often cheaper than a policy you’d find online. The cost of your policy is based on the “actual cash value” (ACV) of the vehicle. This is what it will cost to replace the car, subtracted by the car’s depreciation. Because of this, cars that are worth more are more expensive to insure, but the price of your policy varies a lot depending on your deductible.
what is a deductible and how does it work?
Most of the time, your comprehensive insurance policy will have a deductible, usually between $100 and $1,000. Your deductible is the amount your insurance provider subtracts from a check or the value of your vehicle when you file a claim. For example, if your deductible is $1,000 when you file a claim because your car was damaged in a flood, your insurance provider will send you an amount to repair your vehicle minus $1,000. this is also the case if your car needs to be replaced. The insurance provider would subtract $1,000 from your car’s pre-flood value.
If the total amount of the repair cost comes too close to or exceeds the value of the car, the insurance provider considers the vehicle to be “totaled.” If you decide to fix a wrecked car, your insurance provider will subtract its residual value from your payment. opting for a higher deductible will reduce the monthly or annual cost of your policy. this is preferable if you have enough to pay the deductible out of pocket when you buy the policy.
what does comprehensive car insurance cover
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Comprehensive insurance and several other types of coverage together are commonly referred to as “comprehensive coverage.” Comprehensive insurance often sounds like full coverage, but it doesn’t fully cover all scenarios. Comprehensive insurance is for events beyond the driver’s control or when a vehicle is damaged while parked.
Comprehensive insurance covers you when any of the following damages to your vehicle:
- high winds, hail, rain, lighting, and other weather conditions.
- fire damage.
- fallen objects, such as trees.
- collision with an animal.
- if your car or parts of your car are stolen or damaged in an attempted robbery.
- natural disasters, including earthquakes, hurricanes, floods, and tornadoes .
- vandalism or intentional destruction by a third party, such as during a riot.
The comprehensive insurance does not cover you for:
- damages from an accident with another vehicle.
- damages or injuries caused to others.
- damages from a collision with a static object such as a curb, fence or telephone pole.
- damage caused by road conditions, including potholes.
- the cost of towing your vehicle for a breakdown or flat tire.
- the cost of a rental vehicle.
Do I need comprehensive insurance
Comprehensive insurance is optional, as no state requires drivers to have it. however, many renters or lenders will require drivers to be covered by comprehensive insurance. comprehensive coverage becomes less valuable when your vehicle becomes less valuable. This is because your insurance provider will never pay you more than the value of your vehicle, minus your deductible. therefore, if your lender or tenant does not require it, you may choose to waive comprehensive insurance.
Consider how much you’re paying for comprehensive coverage. How much you’re paying for comprehensive coverage can usually be found on your monthly bill, your insurance provider’s website, or your policy declarations page. If your deductible and premium together exceed the value of your car, then comprehensive coverage is worthless. Advisors recommend dropping comprehensive coverage if your car’s value drops enough that you can no longer buy coverage. however, if you rely on a car for your job and can’t afford another car, keeping your coverage may be the best option.
do I need collision insurance to get comprehensive insurance
Insurers offer comprehensive coverage along with collision, but comprehensive insurance can usually be purchased on its own. comprehensive insurance, collision insurance, and state minimum liability together in one policy is considered full coverage insurance. you will need all three to have full coverage insurance. comprehensive insurance is often confused with collision. Both are types of car insurance but they cover different things. Collision covers accidents and rollovers, regardless of who is at fault, and covers anything beyond the driver’s control. Other things that collision covers are:
- hit a fence or a tree.
- collision with a building.
- damage caused by road surfaces.
what are the chances that I will need to repair or replace my vehicle
If you drive in dangerous areas, the possibility of damaging your car is greater. rural areas where wildlife often roams busy highways, areas where car theft and vandalism are prevalent, cities prone to natural disasters, or busy highways where gravel and debris can break windshields are things that increase the risk of your car being damaged by things that would be covered by comprehensive insurance. glass claims are more common in arizona or other desert states due to the likelihood of rocks being kicked up onto the windshield. west virginia or the central/non-coastal states see more deer-related accidents. 7 percent of progressive drivers filed a comprehensive claim in a given year with repair costs averaging around $1,400.
Comprehensive auto insurance is designed to cover you for things beyond your control and is a great tool for saving money and protecting your property from the completely unforeseen. Get out there and get an instant online comprehensive coverage quote today!