Data was obtained from the Texas Department of Insurance for a thirty year old single male driver across 78 cities. He owns his car and uses it primarily for work purposes, averaging about 12,000 miles annually. Insurance policies include Texas’s minimum auto insurance liability requirements: $30,000 for bodily injury liability per person (up to $60,000 per accident), and $25,000 of property damage (30/60/25 coverage) liability insurance, 50/100/50, as well as 100/300/100. Car insurance costs are based on a 2011 Toyota Camry four-door sedan, with 2.5 liter/4 cylinder engine.
Collision coverage is very important for protecting your vehicle against the financial loss that comes with physical damage to your vehicle. It's not hard to get into an accident. When an accident happens, someone is always at fault, and that could be you. Collision insurance will cover damage from a collision with another vehicle, tree, pole, guardrail and most other possible roadway hazards.
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Collision insurance is a coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object, such as a fence or a tree. If you're leasing or financing your car, collision coverage is typically required by the lender. If your car is paid off, collision is an optional coverage on your car insurance policy.