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Auto Insurance Options: Collision Coverage Vs. Comprehensive Coverage

By
Services for Real Estate Pros with Think Glink Media

If a tree falls on a BMW in the woods and no one is around, will it be covered by insurance?

Buying insurance can be a pain, but it’s probably less of a hassle than dealing with the consequences of having an accident if you don’t have insurance. To make the insurance-buying process as painless as possible, it’s important to know what kind of insurance you want and what kind of insurance you need. They can be very different.

Comprehensive insurance and collision insurance offer protection for physical damage to your car. Collision is pretty self-explanatory. You hit someone, or someone hits you, and it’s a collision. Comprehensive insurance covers you if you have damage from something other than a collision—such as fire, falling objects, deer, theft, or vandalism.

You need to have physical damage protection when you finance or lease your vehicle because you don’t actually own the car yet. The lender wants to make sure that funds will be available to repair the vehicle you’re driving.

Most states require you to have some form of liability insurance to protect other drivers on the road.

The full blog goes over:

          What Do You Want in Auto Insurance?
          How Much of a Deductible Should You Pay?
          What Can You Do Without?

 

Follow this link to read the full Insurance story by Linda Rey on the Equifax Personal Finance Blog: http://insurance.equifax.com/2010/09/auto-insurance-options-collision.html

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