baltimore car accident lawyer

Should You Have Collision Coverage?

If you or a loved one are in a car accident, you may wonder how you are going to pay for any injuries or damages sustained from the crash. Drivers are not required by law to have collision coverage, but it is a good idea to purchase this form of coverage. The state of Maryland does not require drivers to purchase collision coverage, but it is recommended. However, if you take a loan out on your vehicle, most lenders will ask that you purchase collision coverage. Having collision coverage can provide a driver with vital extra protection and can save one from having to pay out of pocket for any damages or injuries that were a result of the car accident. If you are in a car accident and the other driver is at fault, the at-fault driver’s insurance policy may not cover the total cost of damages to the car. If you have collision coverage, the remaining cost of damages will be covered.

If you have an older car or the value of your vehicle is low, it may not be worth paying for collision coverage. When determining if collision coverage is a good plan for a driver, the value of their vehicle will be considered. Drivers who lease a car should inquire about collision coverage as leasing companies typically make the driver carry physical damage coverage for the leased vehicle. Contact an experienced Baltimore car accident lawyer today.

Difference Between Collision Coverage and Comprehensive Coverage:

Collision coverage pays for any damages to the vehicle after a collision with another vehicle. Collision coverage does not cover any damages to the vehicle that were sustained from a natural disaster, but it will cover damages from hitting an object like a sign or fence. Comprehensive coverage is different from collision coverage in that it pays for any damages that do not involve crashing into another vehicle. Examples of times that comprehensive coverage will be used include theft, damage from falling objects, or damage caused by natural disasters. The average cost of comprehensive coverage each year is about $135. This is a very cost-effective form of coverage as it covers damages caused by fires, riots and vandalism, broken windshields, and contact with animals. 

Collision coverage will help pay for repairs and replace a vehicle regardless of who is at fault for the car accident. Although Maryland is an at-fault state, collision coverage does not take into consideration the faulty driver when providing payments for repairs and damages to the vehicle. Collision coverage is different from liability coverage in that fault is not considered. Under liability coverage, the insurance company will help pay for the victims’ damages. If the police are unable to determine fault at the scene of the car accident, insurance companies and an insurance adjuster will review the case to determine the driver that is liable for the accident. Our Aberdeen car accident attorneys are here to help. 

You Can Buy Collision Coverage for Cars, Boats, Motorcycles, and RVs. 

The 3 Ds:

It is important to be aware of the three Ds of insurance. Insurance companies are not ultimately evil, but they will do everything in their power to ensure that they do not have to pay for damages after a collision. Oftentimes, your insurance company will try to lowball their customer in hopes that they accept the low payment. Delay, Deny, and defend are three ways in which your insurance company may escape having to pay for the claims that they had previously promised. Insurance companies will first delay the payment or fully deny you the payment, and then take you to court. If you feel as though you have been taken advantage of by your insurance company, contact Rice, Murtha, and Psoras Trial Lawyers today to receive the coverage you were promised and deserve. 

What is a Collision Deductible?

Collision coverage has a deductible, which is the amount of money you pay before the coverage can pay for your claim. Typically, a driver can pick the amount of the collision deductible when they purchase their coverage plan. Collision deductibles can go as low as $100 to $250, but the majority of agents will suggest that you start at $500 and increase as you wish. A higher deductible means that you will pay lower premiums. Choosing an insurance deductible plan depends on how much you can and are willing to spend monthly on premiums. 

Let’s say you get into a car accident and have full coverage car insurance and collision coverage. If the repairs for the car damage come out at $8,000 and you have a deductible of $500, you will have to pay for the deductible and your car insurance will pay for the remaining $7,500 in repairs. It is for this reason that collision coverage is so beneficial if you or a loved one gets into a car accident. If you do not have collision coverage and have about $8,000 in damages, you will be left paying out of pocket for the repairs. If the damages are so extreme that the car is no longer driveable, you will still have to pay a car loan if you owe money for the car regardless if it is driveable or not. To reduce auto insurance expenses, it is in your best interest to take a higher deductible. 

Is Collision Insurance Worth it?

There are three factors a driver should consider when questioning if collision coverage would be beneficial to them. The first factor to consider is the value of the vehicle. If your vehicle is new and worth a considerable amount of money, it is a good idea to get collision coverage. One’s ability to pay out of pocket should also be considered if you are unable to make out-of-pocket payments for any damages to the vehicle, collision coverage would be a good option for you. Lastly, if your vehicle is in storage or is not driven often, purchasing collision courage may now be necessary. 

If you are on the fence about purchasing collision coverage, your best bet is to invest in this form of insurance. You never know what is going to happen tomorrow, and collision and comprehensive coverage can help pay for any damages sustained from a car accident or objects on the road. Call our Rockville car accident lawyers today for a case evaluation.