Auto insurance?
Question:
Answer:
Comp (or Comprehensive) is for damage sustained to your vehicle while it's not being driven. Example, a tree falls on your car, someone hits it while parked on the street, a rock breaks your windshield etc.
Collision is exactly what it states. It covers you if you are in an accident - when you collide with someone or something (basically, it covers you if you wreck your car)
Most states in the US require a certain minimum of collision insurance - but usually comprehensive is optional (unless you have a loan, then the financing company usually requires you have full coverage - both comp and collision)
Comp stands for comprehensive coverage, and it covers damages to your car that are not caused by other motorists such as fire, theft, vandalism and acts of god such as damages from hail storms.
Collision covers damages to your car that you cause, when you are at fault for an accident, whether it be with another motorist or with an object, such as a tree or light pole.
Both these coverages are usually not manditory, unless you are financing a vehicle. If you are financing a vehicle the financing company may force you to have collision and comprehensive ccoverage.
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Most states require liability insurance, not collision. Liability protects you from claims from other drivers. If you cause an accident, your liability insurance will pay for the damage to the other vehicles, not yours.
"Collision" is coverage for a loss that is sustained due to a collision with another vehicle, with another object, or the upset or overturning of the vehicle.
"Comprehensive" is coverage for a loss that is due to an act of nature/god. These include: vandalism, auto theft, water/flood, fire, malecious mischief, falling objects, animals or fowl, explosion, earthquake, riot or civil commotion, windstorms, hail, or breakage of glass.
However, some policies have exclusions for damages sustained from nuclear reaction or radiation, racing contests, accidents that occur while in the care/custody of a person in the business of selling or repairing automobiles, due to confiscation due to illegal activities, intentional acts, etc.
These coverages are usually only mandated by lien holders (Meaning, if you have a loan on your vehicle). However, some lien holders do not require this coverage.
Collision car insurance covers damages caused on your car during accident or unwanted incidents that happened to your car. Either your car hit another car, your car is hit by another car, damages to your car caused fallen objects and alike. Coverage is limited to the terms and conditions contained in the policy. Collision insurance carries a deductible, and the maximum you can collect for repair costs is limited to the value of your car prior to the accident minus the deductible.
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While Comprehensive car insurance covers your vehicle and sometimes other vehicles you maybe driving for losses resulting from incidents other than collision. For example, comprehensive insurance covers damage to your car if it is stolen; or damaged by flood, fire, or animals, falling objects, explosions, earthquakes, riots and civil commotions or even if your car is overturned during a natural disaster. It pays to fix your vehicle less the deductible you choose. To keep your premiums low, select as high a deductible as you feel comfortable paying out of pocket. Coverage is limited to the terms and conditions contained in the policy.
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