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Insurance - Head Matters


6. Auto Insurance

c. Comprehensive coverage

This coverage pays for damages to the insured’s car caused by situations other than collision such as theft, fire, earthquake, weather, explosions, riots, and collisions with birds or animals. Suppose that a hailstorm damages the paint on your vehicle. Comprehensive coverage would provide money for a new paint job. Comprehensive, like collision, coverage has a deductible. If a new paint job costs $2,000 and the deductible is $500, the insurance company will pay $1,500.

In some instances, comprehensive coverage includes a provision that provides a certain amount per day to pay for another means of transportation. This applies when the policyholder cannot use his or her vehicle for a period of time because the car is damaged. There is a maximum amount, such as $600 and 30 days, for each accident. Most people use this money to rent a car. Insurance companies are increasingly offering this coverage separately.

Who might benefit from buying Comprehensive coverage?

  • If your car is financed or leased, the finance company will probably require that you carry this coverage.
  • If you have a newer vehicle or one in excellent condition, you may need this coverage to replace or repair the vehicle in case of loss.
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