Consider the following scenario. Having traveled home for the weekend, you decide to treat your parents to dinner before heading back to campus.
You have just left the restaurant when you discover the unthinkable. Your brand spanking new car, the vehicle you purchased after months of scrimping and saving, has been vandalized. For argument's sake, assume the worst kind of damage has been done to your vehicle. Slashed tires, dented doors, broken headlights, keyed paint… Suffice it to say, it's very, very bad.
So after the shock settles in, what do you do? What any right-minded citizen would do in the event their car is vandalized without warning. After assessing and documenting (always take photographs) the destruction, you report the incident to the local police, who submit their findings to your family's auto insurance company. You later contact the company and, after submitting a claim, step back and let the officials take care of the rest. As an added bonus, you don't have to worry about any possible strains on your wallet since you signed up for a comprehensive coverage plan.
Now odds are you're asking the same two questions all college students, especially those shopping for a new car, ask themselves at one point: "Do I really need comprehensive coverage?" and "Why do I need comprehensive coverage?"
The answer to the first question is a no-brainer: Yes. As to the second question…
It's no secret getting your car fixed can be expensive (just look at this list of common car repairs from the Liberty Mutual Insurance corporate website). And we're not just talking about vandalism or theft. There are hundreds of other ways your vehicle can get damaged. There's fire damage, weather damage, natural disaster damage, animal-related damage (you'd be surprised at the high number of accidents caused by animals each year), even damage caused by civil disturbances (cough cough, St. Patrick's Day revelers, cough cough).
But that's the nice thing about comprehensive coverage. It promises to cover all damage that was not the result of a collision, which includes break-ins, theft and vandalism. All you have to do is pay a set deductible, which you select when purchasing your comprehensive coverage plan, towards (depending on the situation) repair or replacement and let your insurance pay the rest.
So if you have a car and siblings who are preparing for college and searching for their first car, tell them to get comprehensive auto insurance. Because it will not only save them money but give them peace of mind.
In the market for a new car or computer? Looking to in setting up a Boro payment plan? Click here to find out more about our personal loans, here to learn about our auto loans and here to start your application.