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Chapter 8: Problem 22

What does collision coverage pay for?

Short Answer

Expert verified
Collision coverage pays for the repair or replacement of your own vehicle in the event of an accident, irrespective of who was at fault. It covers collisions with other vehicles and other objects such as trees or fences.

Step by step solution

01

Definition of Collision Coverage

Collision coverage is an insurance policy that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. If you're leasing or financing your car, collision coverage is typically required by the lender. If your car is paid off, collision is an optional coverage on your car insurance policy.
02

Elaboration of Collision Coverage

When you have collision coverage, it will cover damages to your vehicle regardless of who's at fault. This means it offers protection for incidents that may not be covered under general auto liability coverage, such as when your car hits, or is hit by, another vehicle or object.
03

When Collision Coverage Applies

Regardless of who is at fault, collision coverage will pay to repair or replace your vehicle up to its actual cash value. Examples of when collision coverage is used include when your automobile collides with another vehicle, your automobile collides with an object (like a tree), or your automobile flips over.

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