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Collision coverage helps pay for auto repair or replacement costs if your car hits another vehicle or object. Unlike, bodily injury protection or property damage coverage, it is not a type of liability coverage that helps compensate losses caused by others. It exists solely to help compensate you.
Therefore, it is generally optional and you will need to decide whether you purchase it.
The premium will vary based on the value of your car, your driving record, and the amount of the deductible. The deductible is the amount you are responsible to pay before the insurance will cover the remaining costs. You can choose a deductible (generally $100, $500, or $1000), but the lower the deductible, the higher the premium.
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