What is collision insurance?
March 15, 2021
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Collision insurance in Colorado ensures that your car is repaired or replaced if it becomes damaged during an accident with another vehicle or object. If you finance or lease a car, collision insurance is required, but you might also consider it if you have a paid-for car. At Phil Long Collision Center, we take a closer look at why you might consider collision insurance.
Collision Insurance Coverage
Collision insurance is going to pay for the repairs or replace your vehicle if it receives damaged because of these situations:
- Collision with another car
- Collision with an object, such as a tree, fence, or building
- Single-vehicle accident that involves rolling the car
Collision Insurance Annual Cost
Collision insurance premiums are added to your insurance cost. The amount you pay depends on several factors, including:
- Year of your vehicle
- Make of your vehicle
- Model of your vehicle
- How much money is owed
- How much the car is worth
- Your driving record
- Your credit score
Additionally, the insurance company premiums are based on what deductible you choose. The higher the deductible is, the less you will pay for insurance. However, this is the amount you will pay out of pocket if an incident occurs.
What Collision Insurance Doesn’t Cover
Collision insurance in Colorado will not cover these expenses:
- Damage to your vehicle that occurred without any impact, such as theft or hail
- Damage to the other person’s vehicle
- Any medical bills, whether they are yours or the other party
Why You Should Opt into Collision Insurance
If you owe any money on your vehicle, or if you have a lease, you will probably be required to have collision insurance. However, if your car is paid off, you might still want to get collision insurance. Think about how much it would cost to replace your vehicle if it were totaled. If you can afford to put out this amount of money, then you don't need collision insurance. However, most people would struggle to replace the vehicle after an accident. Purchasing collision insurance in Colorado provides more financial peace of mind.
How Collision Insurance Is Different from Comprehensive Coverage
Collision insurance will cover any damage that happens during a collision with a vehicle or object. On the other hand, comprehensive insurance is meant for damage that is caused by other events that aren't collision-related. These incidents would include hail, vandalism, theft, or fire.
Why Choose Phil Long Collision Center | Collision Repair Shop
Phil Long Collision Center is the leader in car repairs in Colorado. We have earned our reputation by providing clients with fast, dependable maintenance on all makes and models. If you have recently been involved in a collision, you want to trust the experts to restore your vehicle's factory-like condition. Our team is ready to help and will even assist with the insurance claims. Talk to us today about your car repair needs in Colorado and see what a difference the professionals can make.
