The main difference is the extent of coverage they both offer. Like the name suggests, Specified Perils will only cover a specific list of hazards (as outlined in your policy), and does not include Collision-related damages, vandalism and glass breakage from a non-covered peril. On the other hand, since All Perils is the broadest form of coverage, it’ll cover everything on that same list of hazards plus more (like vandalism, as an example). And, it can also cover loss or damage resulting from a collision or hit and run. Be sure to check for some possible exclusions that may be listed on your insurance contract, regardless of which coverage option you choose. For example, a typical exclusion can include no coverage if the insured vehicle is used as a taxi, bus, etc. to carry passengers.