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Rock Insurance
Agency Inc

142 Route 70
Medford, NJ 08055

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Are Comprehensive and Collision Coverage Required?

You already know that you need auto insurance to stay legal while out on the road. But, what about other parts of the policy? Are they required? Our Rock Insurance Agency Inc. team has your answers. Here’s what you need to know about comprehensive and collision coverage in Medford, NJ.

Comprehensive and Collision Are Not Legally Required

A lot of our customers want to know if comprehensive and collision are legally required. The answer is no. These are both first-party coverages, meaning they only pay to fix your vehicle if you’re involved in an accident. The State of New Jersey doesn’t really care if you get your vehicle repaired, but they do care if you damage someone else’s car or property. That’s why liability–a third-party coverage–is legally required.

You Might Still Have to Carry Comp and Collision If Your Lender Requires It

However, you might still be required to purchase comprehensive and collision coverage. If you have a loan or lease on your vehicle, there’s a good chance that your lender wants you to carry it. This helps protect their investment in your car and ensures they won’t get stuck with a damaged vehicle if you suddenly stop making payments. In most cases, the papers you signed when you purchased your vehicle will tell you if they require this coverage on your auto insurance policy.

What If Your Vehicle is Paid Off?

If you own your vehicle free and clear, you do not have to carry full coverage insurance on your policy. However, this doesn’t mean that not having it is a good idea. If it would be nearly impossible for you to pay for repairs after a wreck or replace it if it was stolen, then you still need comprehensive and collision to protect yourself from the unknown.

Are you ready to learn more about purchasing comprehensive and collision coverage in Medford, NJ? Please contact our team at Rock Insurance Agency Inc. to schedule an appointment.