When it comes to car insurance, it can be overwhelming to understand all of the different types of coverage available. In Florida, two important types of coverage to consider are collision insurance and comprehensive coverage.
What is Collision Insurance?
Collision insurance covers damage to your car resulting from a collision with another vehicle or object. This includes damage from a car accident, hitting a tree or pole, or flipping your car. Collision insurance can also cover damage from a hit-and-run accident or if your car is stolen and later recovered with damages.
It’s important to note that collision insurance only covers damage to your own vehicle, not any damage to the other vehicle or property involved in the accident.
What is Comprehensive Coverage?
Comprehensive coverage, on the other hand, covers damage to your car from non-collision events. This includes damage from natural disasters such as floods, hurricanes, and tornadoes, as well as damage from theft or vandalism. Comprehensive coverage can also cover damage from hitting an animal, such as a deer.
Like collision insurance, comprehensive coverage only covers damage to your own vehicle, not any damage to the other vehicle or property involved in the event.
How Do Collision and Comprehensive Coverage Work Together?
Both collision insurance and comprehensive coverage are optional types of car insurance coverage. However, if you have a car loan or lease, your lender may require you to carry both types of coverage.
When making a claim for damages, you will first file a claim with your own insurance company. If the other driver is at fault and their insurance company is covering the damages, your insurance company will then seek reimbursement from the other driver’s insurance company.
How Much Does Collision and Comprehensive Coverage Cost?
The cost of collision and comprehensive coverage can vary depending on a number of factors, including the make and model of your car, your driving record, and your insurance company.
On average, collision insurance can cost anywhere from $300 to $1,000 per year, while comprehensive coverage can cost anywhere from $100 to $500 per year. It’s important to shop around and compare quotes from different insurance companies to find the best rate for your specific needs.
Understanding the difference between collision insurance and comprehensive coverage is important when it comes to protecting your vehicle. While both types of coverage are optional, they can provide important protection in the event of an accident or other non-collision event. Be sure to speak with your insurance agent to determine the best coverage options for you.