Unlike liability coverage, collision coverage pays to repair your own vehicle in the event of an accident. Your car is usually considered “totaled” when the repair costs exceed a certain threshold of the car’s value, such as 65%. At that point, the insurance company will tow away the car to the salvage yard and offer you the actual cash value of your car. To keep cost’s down some insured’s choose to lower their premium costs by raising their collision deductible. Keep in mind however, that you’d be responsible for paying that high deductible out of your pocket.
Comprehensive coverage pays for damage to your auto for just about everything that isn’t caused by a collision. That includes theft, fire, vandalism, natural disasters and collisions with animals. Additionally, comprehensive coverage also pays for cracked windshields to be replaced with no deductible. Ask your Lott & Gaylor representative about comprehensive and collision specifics and how this valuable coverage can benefit you.
- Like many other forms of insurance, there is a wide array of extras that you can add to your auto insurance policy. Ask your Lott & Gaylor representative for details.
- Rental Reimbursement
- Roadside Assistance
- Stacked Liability
- Gap Coverage
Just remember that making a claim for any of them, like towing, goes down as a claim on your record.