These coverages may be required by the lender when a vehicle is being financed or leased. Many insureds who own their cars themselves may choose to purchase these coverages.  While comprehensive and collision are two separate coverages, most companies require you to purchase them together or not at all.
Comprehensive coverage covers damage to your insured vehicle caused by something other than a collision, e.g., falling objects, fire, theft or larceny, explosion, earthquake, windstorm, hail, water, flood, malicious mischief, or vandalism.
Collision coverage covers damage to the impact of your insured automobile caused by impact with another object or upset of your insured automobile.
The insurance company will pay for the actual damage to the vehicle, less any deductibles, up to the policy limits or the actual value of the vehicle (whichever is less) at the time of the loss.