My Insurance Collision

If you still owe money on your car, your lender will require you to have collision coverage. What it pays: If the insurance company decides your car can be fixed, it will pay you the cost of repairs. If the company totals your car, it will pay you the actual cash value of your car. Actual cash value is the current value of your car, minus depreciation. Whether the company decides to repair your car or total it, you’ll get only up to the dollar limits of your policy. Your policy’s dollar limits are shown on the declarations page of your policy. Who it covers: You, your family members, and anyone else insured under your policy.