What is Comprehensive Physical Damage Coverage?
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Comprehensive auto insurance covers damage to your vehicle that’s caused by incidents other than a car accident. This policy covers events such as fire, vandalism, weather, falling objects, theft, and any damage caused by an animal. While these events may sound like rare occurrences, all of these things happen more often than you might think.
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How much does it cost?
The cost of comprehensive coverage depends on a number of factors, including the following: the age and value of the car, any safety features or alarms that may be installed, and the type of car and cost/frequency of repairs. According to Progressive, deductibles typically range from $100 to $2,000, depending on what coverage you select. The lower the deductible, the fewer charges you’ll have to pay before insurance coverage kicks in but the higher your premium will be — and vice-versa.
Is this type of coverage required?
Comprehensive auto insurance is not required in any state, as ValuePenguin contributor Mark Fitzpatrick confirms. In fact, a driver must typically have collision insurance in order to be able to purchase comprehensive coverage, although this is not always the case, so check with your insurer.
That being said, drivers who lease or finance their cars are usually required to carry comprehensive physical damage coverage in order to protect the car owner or lender’s investment.
Should I get comprehensive coverage?
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When deciding if comprehensive auto insurance is something you should consider, think about your driving and parking habits. For instance, consider if you park in an area that’s prone to flooding or vandalism.
Your car’s current value will also give you some good insight. Determine if you have the means to fix the car on your own in the event of a hit-and-run. A new or high-value car may cost much more to fix out-of-pocket.
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The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.