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Automobile Insurance Coverage:Understanding Collision Benefits

As you go about the process of seeking a new or replacement automobile insurance policy, you may have some basic questions about a typical car insurance policy and what is contained in a particular policy of car insurance in this day and age. In addition, you may be wondering what type of car insurance will best meet your needs at this point in time. In this regard, you may be trying to decide how collision benefits work and how much you should obtain in collision coverage for your automobile.

By way of this article, you will be provided with a general overview of automobile coverage generally and collision benefits specifically. Of course, if after reading this article, you find that you do have more questions about collision benefits or automobile insurance generally, you will want to take the time to visit with your insurance agent, your insurance broker, a representative of your insurance company or with a representative from the office of the insurance commissioner in your state.

Collision Benefits Defined

Collision benefits are designed to cover damages that occur to your own car as a result of a car accident. Absent collision benefits within your car insurance policy, you will not be able to file a complain for damages to your own auto as a result of a car accident.

Determining What Collision Benefits You Do Need

If you have a newer model car, you likely will want to make certain that you are fully insured when it comes to collision benefits. Because you have invested a good deal of money in a new car (and because you likely have a loan with an outstanding balance on your new car) you need to make sure that you are fully insured in this regard, that you have adequate coverage to make certain that you will not be in an impossible position if your car is damaged in a car accident. Of course, you will want to make certain that you have enough coverage to satisfy any loan you have outstanding and any equity you have in the car -- meaning the difference between the loan balance and the current market (or Blue Book) value of the automobile.

If you own an older model auto, you might want to consider trimming back on the collision coverage for your auto. Depending on the value of your car, the car simply may not have enough inherent and actual value in order to warrant investing in collision coverage for your motor vehicle.

Summary: For More Information

If you have more information about collision benefits, you will want to take consider contacting the consumer assistance division of your stateís insurance commissionerís office. Through this office, you will be able to obtain a good amount of information about car insurance generally and about collision coverage and the important of collision coverage.


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