Completing this form is optional. Your driving record is one of the many factors that determines your insurance premium. If you're an experienced driver with a claim free and accident free driving history, you can probably expect to pay lower premiums. However, all licensed drivers in your household must be listed on your policy - regardless of how often they use your vehicle. Collision insurance covers any damage to your vehicle caused by impact with another vehicle or object e.g. a guard rail.
Comprehensive insurance covers a loss due to fire, theft or vandalism, for example.
A deductible is the amount you have to pay towards any at fault collision or comprehensive claim. Suppose you owned a valuable piece of equipment. Day in and day out, the equipment operates reliably. It helps you earn a large amount of money every year. Without question, you would insure that piece of equipment in case it broke down.