Comprehensive and collision covers your car completely in case of an accident or theft. This coverage is required when you finance a car. Generally people get a $500 deductible for each coverage, but this can be raised to $1,000 to reduce your cost for insurance, or lowered to reduce the amount you have to pay to get your car fixed in the event of an at fault accident. A lower deductible will result in a higher cost of insurance. The deductible is the amount you pay if the car is damaged or stolen, unless another party that hits you is responsible.