Progressive car insurance collision coverage: what you should know

Collision coverage can be an invaluable addition to your traditional car insurance policy. Progressive car insurance collision coverage can protect your car and your bank account if you have an accident.

Why collision coverage?

Licensed drivers are required to meet financial responsibility requirements in their state and most states require drivers to carry liability car insurance coverage to fulfill that requirement. Liability car insurance coverage only covers expenses related to damage done to another person’s car in an accident where you are at fault. Damage done to your car in a collision is only covered if you have collision coverage as part of your car insurance policy.

The average American spends $290 per year on collision insurance coverage, according to the National Association of Insurance Commissioners (NAIC). By contrast, the National Highway Traffic Safety Administration (NHTSA) reports that the average cost of damage done to a car in a non-fatal accident in 2010 (the last year for which we have complete information)  was between $12-13,000. Given the advancements in technology and the cost of repairing and maintaining new cars, the investment in collision coverage seems minimal in comparison.

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In some cases, if you are purchasing a car through financing (such as through your bank or a car-related financing institute) or if you are leasing an automobile, you may be required by the lender or the leasing agency to carry collision coverage on your car insurance policy

What collision protection covers

If you insure your car through Progressive and add collision coverage to your policy, there are some important details you need to understand about what it will cover:

• Progressive collision coverage pays to repair any damage done to your car (after the deductible level has been reached) when you collide with another vehicle or object. If you hit a car, a pole or another non-living object, your Progressive collision coverage will apply.
• You are covered when you drive a friend's car or a rental car, as long as you are not doing so for business.
• You automatically receive up to $1,000 of pet injury coverage to offset veterinary bills you may have if your pet is in the car and suffers injuries during an accident.
• You can set your deductible to fit your financial situation. (The deductible is the amount you pay out of pocket before insurance kicks in for any remaining damages.) You can set your Progressive collision deductible at $100, $250, $500, $1,000 or $2,000. The most common deductible is $500.
• You must carry collision coverage before you can take advantage of Progressive's rental car reimbursement option.
• Whether you own an SUV or another type of vehicle, your collision coverage will pay for rollover accident repair expenses.

Limitations to collision

You may not benefit from collision coverage if your premiums plus deductible will cost more than your vehicle is worth. For instance, if you are paying $200 annually and have a $500 deductible, your car needs to have a blue book value of at least $700 to make the benefit worth the expense.

Remember that the higher the deductible you choose, the lower your premium will be. This makes calculating the risk-reward factor in adding collision coverage to your car insurance policy an important consideration.

(Find out about all the car insurance coverage options through Progressive here)

Choosing Progressive car insurance collision coverage is a simple way to protect your assets, and getting good advice from an experienced insurance pro will help you determine what level of coverage will work best for you. Reply! can help you in this regard by connecting you to local auto insurance experts familiar with Progressive and all other leading insurance providers.