Do you need Collision and Comprehensive Coverage ?

Do you need collision and comprehensive coverage on your automobile insurance policy?  Collision coverage pays for property damage to your vehicle when you are at fault for the accident.  Comprehensive coverage pays for damage to your vehicle caused by an unknown party or an act of God.  Dropping these coverages if you have an older vehicle can be a pretty good way of reducing your premiums.  Before you drop the collision and comprehensive coverage to save on your automobile insurance premiums, here are a few things to consider.  Automobiles cost more these days, but they retain their value better than they did in the past.  This means that if your car is totaled or stolen, you would receive a bigger check from the insurance company.  Also, many people are “upside down” on their vehicle loans, meaning that they owe more money on the vehicle than it is worth.  An accident or theft could mean financial disaster.  You could end up needing money to buy another vehicle while still owing thousands of dollars on the one that was wrecked.  Last, if you do not have the funds to replace your vehicle, you could end up paying a higher interest rate and continue to be “upside down” on the loan for years.  Insurance companies like to advise their insureds to drop collision and comprehensive coverage.  But, if you are “upside down” on your vehicle loan or you do not have the funds to replace your vehicle if it is lost or stolen, you may want to maintain this coverage.  The attorneys at Altizer & Altizer can assist you in sorting out the intricacies of insurance coverage for your auto accident claim.  Our offices are located in Roanoke, Virginia.  But we also serve clients in Bedford, Smith Mountain Lake, Lynchburg, Covington, Harrisonburg, Rocky Mount, Martinsville, Botetourt County, Blacksburg, and all areas surrounding the Roanoke Valley.  Consult an experienced personal injury attorney if you have been injured in an automobile accident.  Call us at Altizer & Altizer at 540-345-2000 or toll free at 800-310-5777 or visit us at our website, www.AltizerLaw.com.