Insurance

What is Collision Insurance?

If you own a motor vehicle, you should make sure to get insurance. You never know when you might get into an emergency and need coverage for yourself or for any damages you make to someone else's car. If you are comparing guarnatee quotes between different providers, one of things you'll notice on approximately every quote is for collision insurance.

If you are deemed "at fault" after an emergency occurs you will end up paying for most all of the damages unless you have collision insurance. You can safe yourself with this type of guarnatee as it pays for the damage on your car that occurred as the supervene of the accident. A Typical collision policy will allow you to receive repairs to your car all the way up to the fair market value of your vehicle.
 
Fair market value is an foremost concept, if you bought your car 7 years ago for ,000 and now it's only worth ,000, you will only be entitled to get repairs done up to the ,000 your car is now worth. Sometimes your guarnatee enterprise will deem the car totaled and not exertion to fix it since it would cost them more to fix it than the car is worth. In that case you would be paid out ,000 minus anyone deductible you have on your guarnatee policy.
 
If you leased your car, you will have to purchase what is called "gap insurance" to pay the disagreement between what you still owe on the car and the fair market value. These days many auto manufacturers are no longer leasing cars, because when they get the car back it is often worth significantly less than the fair market value and they have a hard time selling it and getting their money back.

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This post was written by: Franklin Manuel

Franklin Manuel is a professional blogger, web designer and front end web developer. Follow him on Twitter