Collision insurance covers anything you might collide with and is used for accidents and crashes.

Comprehensive insurance covers any sort of damage that isn't covered by collision, such as fire, theft or water damage.

Here in New Jersey, you are required to have liability insurance to operate a motor vehicle. It protects you in any event that you are liable for.

Replacement is the cost value to replace a damaged item, such as a vehicle, in today's money with no depreciation. ACV is the actual cost that you originally paid for the item.