Car accidents are never fun to think about, especially if you’re at fault. However, being prepared can make all the difference; that is why many drivers opt for collision insurance.
What does collision insurance cover? Collision insurance covers repair costs for your vehicle if you’re at fault in an accident or hit an object. Unlike mandatory coverages like DCPD (Direct Compensation Property Damage) and third-party liability, collision insurance is optional but typically required for leased or financed vehicles. Learn more about what collision insurance is and if this coverage makes sense for you.
What is collision insurance? Collision insurance pays for damages caused by collisions with vehicles, objects (like trees or guardrails), or rollovers. It contrasts with comprehensive coverage, which handles non-collision incidents like theft or vandalism.
So, what will collision insurance not cover? Is collision insurance worth it for you? We discuss this next.
Collision insurance covers your vehicle’s repair or replacement costs if you’re in an accident and determined to be at fault. Comprehensive insurance will take care of the damages if you’re not at fault.
Collision insurance will not cover damages from vandalism, fire, natural disasters, or collisions with animals. This is also handled by comprehensive insurance.
Now that you know what collision insurance covers and doesn’t cover, consider these factors to determine if collision insurance is advisable for you:
Additional factors to consider include how often you drive on the highway, your work commute, the age of your vehicle, any new drivers on your policy, and whether you live in an urban or rural area.
While collision insurance isn’t mandatory in Canada, it provides peace of mind against significant repair expenses, especially in at-fault scenarios. Each driver’s decision should align with their vehicle’s value and financial circumstances to optimize protection and cost-effectiveness.
If you still have questions about collision insurance or need help determining if it’s right for you, please contact us at Pfaff Autoworks. We’re here to help.
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