Find Cheaper Collision Car Insurance Rates in 2023
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UPDATED: Jun 6, 2023
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Collision insurance pays to repair or replace your vehicle if it rolls over or impacts another vehicle or object. When combined with liability insurance and comprehensive insurance, you have what is known as “full coverage”.
What Does Collision Insurance Cover?
The loss scenarios below give some examples of what collision covers:
- Running into a highway guardrail
- Hitting a mailbox
- Colliding with a building
- Collision with another vehicle
- Hitting a fence or tree
You should always carry collision insurance, but it is especially important to have it in areas where collisions are common. For example, if you live in one of the states with the worst rural roads, it is vital to have collision coverage to cover any accidents you may have from hitting a pothole or sliding on unpaved roads.
What is Not Covered by Collision Insurance?
Collision insurance does not cover:
- Damage to your vehicle from hail or weather
- Damage caused by fire, flood, or vandalism
- Damage caused by falling objects, birds, or animals
- Breakage of glass if not part of a collision
- Theft of your vehicle
All the examples above that are not covered by collision insurance would be covered by comprehensive insurance if you have it on your policy.
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Collision Deductibles and Limits
When buying collision insurance, you need to specify a deductible amount that will be deducted from any settlement received from your insurance company. Common collision deductibles are $250, $500, or even $1,000.
The limit that collision will pay is the lesser amount of the actual cash value of your vehicle or the cost to repair. Actual cash value, or ACV, is the purchase price of the vehicle minus depreciation.
For example, let’s say you drive a 2010 Chevy Silverado and you back into a concrete pillar in a parking lot. The damage to your bumper and tailgate is $1,800, and you have a $500 collision deductible.
You will receive a check from your insurance compay for $1,300. If you elect to have the truck repaired, you will have to pay the extra $500 out of your own pocket.
Now let’s say you roll your Chevy and the costs to repair the damages exceed the actual cash value of the truck. This is known as a “total loss”.
The ACV of your truck is $12,500, so your insurance company will settle the claim for $12,000 ($12,500 minus your $500 deductible).
Why do I Need Collision Coverage?
If you have a loan on your vehicle, or your vehicle is leased, you will be required to carry collision insurance. This protects the lender’s or lessor’s interest in the vehicle in case it is damaged or destroyed.
If you do not have a loan on your vehicle, or it is not leased, collision is an optional coverage. But if you cannot afford to fix or replace your vehicle if it is damaged or totaled in an accident, then you will want to consider having it on your policy for peace of mind.
Frequently Asked Questions
What is collision car insurance?
Collision car insurance is a type of auto insurance coverage that helps pay for damages to your vehicle if it is involved in a collision with another vehicle or object, regardless of who is at fault.
Why should I consider finding cheaper collision car insurance?
Finding cheaper collision car insurance can help you save money on your insurance premiums while still ensuring that you have the necessary coverage in case of a collision. It is important to balance cost savings with adequate coverage for your needs.
How can I find cheaper collision car insurance?
Here are some tips to help you find cheaper collision car insurance:
- Shop around and compare quotes from multiple insurance providers.
- Increase your deductible, but make sure it’s an amount you can comfortably afford to pay out of pocket.
- Maintain a clean driving record and consider taking defensive driving courses.
- Bundle your car insurance with other policies, such as homeowners or renters insurance, for potential discounts.
- Ask about available discounts, such as good student discounts or multi-car discounts.
Are there any specific discounts that can help reduce the cost of collision car insurance?
Yes, insurance companies often offer various discounts that can help lower the cost of collision car insurance. Some common discounts include:
- Good driver discounts for maintaining a clean driving record.
- Good student discounts for students who maintain a certain GPA.
- Multi-policy discounts for bundling multiple insurance policies with the same provider.
- Safety feature discounts for having certain safety features installed in your vehicle.
- Low mileage discounts for driving fewer miles annually.
- Loyalty discounts for staying with the same insurance provider for an extended period.
Should I sacrifice coverage to find cheaper collision car insurance?
While it’s important to find affordable coverage, sacrificing essential coverage may leave you financially vulnerable in case of an accident. Evaluate your needs and consider options like adjusting deductibles, exploring discounts, and comparing quotes to find a balance between cost and coverage that suits your requirements.
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