Auto Insurance Information
Auto insurance is essential for protecting your financial stability in case of an accident. The definition of full coverage auto insurance varies by insurer, but it typically combines liability, collision and comprehensive coverage. It may also include guaranteed asset protection (GAP) insurance.
Contact Matthew Clifton Roenker Agency in Virginia Beach, Virginia, to learn more about your full coverage auto insurance options and get a personalized quote.
What Is Collision Insurance?
Collision insurance is a type of auto insurance that may help cover the cost of damage to your vehicle in case of a collision with another car or object. This type of coverage is generally optional but is often required if you have a car loan or lease.
What Does Collision Insurance Cover?
Collision insurance may help cover the following:
- Damage to your car from a collision with another vehicle
- Damage to your car from a collision with an object, such as a fence, pole or tree
- Damage to your car from a single-vehicle accident, such as running off the road or rolling over
Collision insurance typically covers repairing or replacing your vehicle up to the car’s actual cash value. You generally will be responsible for paying your deductible, which is the amount you agreed to pay out of pocket when you purchased your insurance policy.
Liability Auto Insurance
Many states require drivers to maintain minimum amounts of auto liability insurance. This coverage may help pay third-party bodily injury or property damage claims after an accident up to the policy’s dollar limit. Your agent can help you decide how much liability insurance to purchase.
Some lease agreements or lenders require gap insurance as part of a full-coverage auto insurance plan. This policy may help cover the difference between the total amount owed on a lease or loan and the insurer’s settlement if your covered vehicle is a total loss.
While you may be offered gap insurance at the dealership where you purchase or lease a vehicle, you may get a lower rate by adding it to your existing auto insurance policy. Your agent can help you get a quote for gap insurance.
Collision Versus Comprehensive Coverage
Collision and comprehensive coverage are typically included with full-coverage auto insurance policies. While both collision and comprehensive auto insurance policies help provide financial protection, they cover different types of damage.
Comprehensive coverage covers damage to your car from non-collision events such as theft, vandalism or natural disasters. This generally includes damage from hail, floods, fires and falling objects. Comprehensive coverage can also cover damage from impacts with animals, such as deer or cows.
When deciding whether to purchase full coverage insurance, consider the value of your vehicle and the level of risk you are willing to assume. Your agent can help determine whether full coverage insurance is appropriate for your situation.
Review your insurance policy regularly and speak with your insurance agent to ensure you have the right level of coverage for your needs. Contact Matthew Clifton Roenker Agency today to learn more about whether full coverage auto insurance is right for you.