Generally, collision and comprehensive do not pay for the entire loss. This is because you almost always purchase this coverage with a deductible. Depreciation may also affect the amount you recover.

        A deductible is a specific amount of money you pay before your insurance company will begin to pay on a claim. For example, if your deductible is $500, you would pay the first $500 on any loss and your insurance company would cover the expenses above that.
        Depreciation is the decrease in value of your car, or some of its parts, due to wear and tear and age. You would not, for example, be reimbursed the full price you paid for tires that have 20,000 miles on them. Your insurer would reimburse you for the value of the tires at the time of loss.

        By using a deductible to eliminate the cost of processing small claims, and by applying depreciation to some items during repair, insurers can provide collision and comprehensive insurance at lower premiums.

        Collision and comprehensive insurance pays you the actual cash value of the car just prior to its being stolen or damaged; therefore, you do not need to select coverage limits. As your car ages and its value declines, so does the amount you will collect for a total loss to your car. In fact, you may want to consider not buying collision and comprehensive for an older car. If your car is financed, you will be required to carry this coverage and it will need to be at specified levels.