Collision VS. Comprehensive

Understanding your coverage options will give you the power to make wise decisions when it comes to your automobile insurance policy. Contact Ferranti-Graybeal Insurance at (541) 567-5523 to learn more about collision and comprehensive coverage, and how we can insure you to protect against losses.

The Basics

Collision and comprehensive coverage’s provide financial safety nets if your vehicle is physically damaged and needs to be repaired or replaced. Though these coverage’s are generally not required by state laws, they are certainly attractive options to reduce your financial hardship during a loss.

Also, if you are financing a loan for an automobile, your lender will most likely require both collision and comprehensive coverage as part of your automobile insurance policy.

Get Fully Covered with Collision and Comprehensive Coverage!

Though your state laws may not require you to purchase both collision and comprehensive coverage for your automobile insurance policy, it makes perfect sense to do so. These coverage’s provide specific protection for various losses, which can cost you big if your vehicle is damaged or stolen.

 Collision Coverage

Collision coverage pays for the cost to damage repairs, and will even replace your entire vehicle if it is beyond repair when you are at fault. Typically, you will collect only the actual cash value of your car versus the replacement cost value. Gap insurance protects you in the event you owe more than your vehicle is worth.

  • This is generally the most expensive portion of an automobile insurance policy.
  • Premiums are based on your deductible, driving record and whether the coverage is truly necessary.
  • Selecting a higher deductible will keep premium costs low, but you will pay more out-of-pocket in the event you are in an accident.

  • If your driving record is clean (no or very few tickets or accidents), your premium will be lower because you will be less likely to have a collision.

  • If you fully own your vehicle or drive one that is extremely old and has little replacement value, then the premium may be high.

Comprehensive Coverage

Comprehensive coverage pays for damage to your vehicle that is caused by an unknown party (theft, vandalism) or “Act of God”—fire, natural disasters or hitting an animal on the road.

  • Coverage comes with a deductible and the insurer will only pay as much as the vehicle is worth at the time of the wreckage.