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Common Car Insurance Question - Your Insurance Instructor

Common Car Insurance Question - Your Insurance Instructor



What is the difference between collision coverage and comprehensive coverage?



It's easy to remember what collision coverage does, simply by looking at the word "collision." When you have this type of coverage, you're essentially insuring your car against damages it may suffer if your car collides with another vehicle. Comprehensive coverage, on the other hand, deals with loss or damage caused by things other than a collision—such as theft, vandalism, animals or hail.

How do deductibles work?



A deductible is a specific amount of money you pay out of pocket before your insurance company will begin to pay for a covered loss up to the limit. For example, if you have a $500 deductible and your car suffers $2,000 worth of damage, your insurance will pay $1,500 after you pay your $500 share. You can choose your deductible amount. This means that if your car experienced the same $2,000 damage and your deductible was set higher than $2,000, you'd pay the full amount out of pocket.



The reason many people opt for higher-deductible insurance policies is to lower premiums. While that is always helpful, consider what works best for your situation.



What is a limit?



A limit is the maximum amount of money your insurance company will pay toward a covered loss. For example, let's say you cause an auto accident resulting in an injury to a person in another car, the case goes to trial and there's a verdict to compensate that person for $57,000. If the bodily injury liability limit on your policy is $50,000, your insurance company would pay $50,000, and then you would be responsible for the difference.

Am I required to have car insurance if I only drive occasionally?



This question has an easy answer: Yes. Regardless of how often or how infrequently you drive, any time you slide behind the wheel of a car, your vehicle's insurance coverage has to meet minimum state requirements.





Each state has specific laws that outline the types and amount of auto insurance you're required to have. Your coverage requirements might be different depending on where you live and what your personal insurance needs are. An agent can help you understand your state's insurance requirements so you can make an educated decision about the coverage levels and deductibles you want. In addition to agent assistance, our tools & resources will provide you with 24/7 access to safety tips and detailed information to help you better understand insurance.









Your state's required minimums may not be enough to best protect you, your family and your car. That's why you can adjust your limits and deductibles- the basic building blocks of any policy-to fit your needs.



Find an agent to learn more about the following coverage types:



    Collision: Covers expenses related to the damage or destruction of your vehicle that's been in an accident.

    Comprehensive: Covers expenses related to the damage or destruction of your vehicle in situations like thefts or storms.

    Liability: When an accident is your fault, bodily injury liability covers expenses related to the injury or death of another driver or a pedestrian, and property damage liability covers expenses related to the damage of another person's property-like vehicles, homes, buildings and other structures.

    Medical payments: If you and/or your passengers are hurt in an accident, this can help cover your medical or funeral expenses.

    Personal injury protection: If you and/or your passengers are hurt in an accident, this can help cover medical expenses plus related expenses like income continuation.

    Uninsured & underinsured motorist: Covers medical expenses and/or repair bills if you're in an accident, the other driver is at fault and doesn't have any (or doesn't have enough) insurance.

    Personal umbrella policy: Offers protection against liability claims or judgments, kicking in when your auto insurance liability limits have already been reached.

    Rental reimbursement: Helps cover the cost of renting a car if your vehicle is in the shop because of an accident covered under your policy.

    Sound system: Covers the cost of replacing stolen or damaged audio and/or video equipment.

    Towing & labor: Covers the cost of common roadside services like tire changes and jump-starts.

Car Insurance Basics and Questions | Car Insurance Quote | Car Insurance for Teens

Car Insurance Basics and Questions | Car Insurance Quote | Car Insurance for Teens

Car insurance is absolutely required if you wish to drive a car or run the risk of a large fine or even worse.

Car insurance guide and questions

Our car insurance guide explains the car insurance market and the legal aspects of insuring your vehicle, while also explaining the different types of cover you can get.

Why do I need car insurance?

At its most basic, car insurance protects you, your car, and other people from the consequences of any road accident you might be involved in. It provides financial compensation to cover any damage to property, or injuries to other drivers, passengers, or pedestrians.

In the UK, the Road Traffic Act 1988 says all motorists must be insured against their liability to other people, so whether you drive a car, van, or motorbike, the law says you must have insurance.
What happens if I don’t have car insurance?

The police also have the power to seize, and in some cases, destroy any vehicle found to be driven uninsured. Vehicles seized can only be released by showing a valid insurance certificate and on payment of a fixed penalty.
Do I need car insurance for a car that never goes on the road?

No. If you own a car that is kept off-road, it needs to have a SORN (Statutory Off Road Notification) in force. All other UK registered vehicles must be taxed if used or kept on public roads.

It costs nothing to make a SORN but if you later decide to drive the car on public roads again, you’ll need to contact the DVLA and get it re-taxed.
What different types of car insurance are there?

There are three main types of car insurance available, which will cover you and your car to varying degrees:
Third party car insurance

Third party car insurance is typically the lowest type of cover required by law. It insures you if you’re involved in an accident and injure someone and also covers the cost of repairing or replacing the other person’s car – it doesn’t cover damage to your own car.

If you can handle paying for the damage to your own car yourself, then third party car insurance could work out, but it’s never possible to predict how badly your car will be damaged after an accident.
Third party, fire and theft car insurance

Third party, fire and theft car insurance is the same as third party but provides additional cover if your car is damaged in a fire or stolen.

You can usually reduce the cost of third party, fire and theft car insurance if you park your car in a secure garage overnight.

Insurers will weigh up how much risk your car is exposed to in terms of fire damage and theft, so anything that proves you can mitigate that will work in your favour.
Comprehensive car insurance

Comprehensive car insurance, or ‘fully-comprehensive’ insurance, is the highest level of cover and insures against the cost of repairing or replacing your car if it’s involved in an accident, regardless of blame.

Comprehensive cover can sometimes include additional extras such as medical expenses, legal cover, and cover for personal items in your car.

The cost of each type of cover depends on how comprehensive they are, so usually third party cover tends to be cheaper. However, it also depends on how new you are to driving, as some young people have found car insurance premiums to remain rather high even with third party car insurance.
What factors affect how much I pay for car insurance?

Having a driving offence, such as skipping a red traffic light, might also affect how much you pay for your car insurance. Prices vary depending on the seriousness of the offence – for example, a driver with a drink driving conviction would certainly face higher premiums.
What is a no-claims bonus or discount?

For each year you have car insurance and don’t make a claim, you’ll get a discount on the following year’s premium – this is known as a no-claims bonus.

See our guide for more information and to see how much you could save with a no-claims bonus.
What is an excess?

An excess is the amount you will have to pay towards the cost of any insurance claim. There are two types of excess: voluntary, which means you can decide whether to include one and its amount, and compulsory, which is set by the insurer.

Increasing the voluntary excess will often give you a cheaper premium, but it can also have little or no effect on quotes.

When comparing car insurance, it’s important to vary excess levels to see how much your quote changes. If you’re looking for car insurance for a young driver, then it’s likely that increasing your voluntary excess may have no effect on your quote.

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