Vehicle damage insurance
Vehicle damage insurance is a coverage type within auto insurance policies that pays for repairs or replacement of your vehicle after collisions, vandalism, theft, or natural disasters. Insurers like State Farm and GEICO classify comprehensive and collision as the two main vehicle damage insurance types.
Collision insurance covers vehicle repair costs from events like hitting another car or object, often requiring deductibles between $500 and $1,000. Comprehensive insurance pays for damages from risks such as hail, fire, falling objects, and animal impacts; in 2022, 13% of auto insurance claims were comprehensive according to the Insurance Information Institute.
Vehicle damage insurance does not cover normal wear and tear; it only protects against sudden accidental losses, per Your Insurance Info. Most lenders require both collision and comprehensive coverage if you lease or finance your car.
Policy premiums vary based on factors like your car’s age–newer cars cost more to insure because replacement parts are expensive. Deductibles apply per incident, so each claim lowers payout by your chosen amount; for example, a $750 deductible reduces insurer liability on a $5,000 repair to $4,250.
Filing claims increases future premiums according to AAA data showing rates rise an average of 28% after an at-fault accident claim. Excluded damages include mechanical breakdowns and manufacturer recalls–those need separate warranty services.
You can buy vehicle damage coverage directly through insurers’ online portals or bundled with liability protection on standard auto policies.
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See also Vehicle damage liability.