After paying a lot of money to buy an automobile the next logical step would be to insure your investment. Then, you need to buy enough liability cover in case you or other drivers included in your policy cause injuries to other people or damages to third party properties. Insuring your vehicle against these risks that can ruin your financial health would give you piece of mind. It gets even better if you can get cheap full coverage auto insurance quotes online. Let’s have a look at what is a full cover policy and how to buy it affordably.
You need to insure your car before you can drive. So, you should definitely look into full coverage policies that will allow you to do a good job of it. Full coverage is the most popular policy, with 72% of policyholders choosing it. This means that most policyholders go well beyond what they must buy to comply with state legal requirements.
Motorists may be under the impression that they have it all covered since their policy is called full cover. These policies may be sufficient for a large number of drivers. However, it doesn’t mean that everything relating to your car is insured. Individual circumstances play a key role in what is enough and what else you should add to your policy. Motorists should often revisit their policies and ask themselves how much auto insurance do I need?
What Does Full Coverage Car Insurance Cover?
If you have a decent vehicle to insure you would most likely want to get a proper cover for it. You will want to buy liability cover as well, not because it is legally required of any automobile owner but it is again sensible to have. There you have it. Before you know you have already got good cover.
They are the most sold policies in the US and therefore the market is competitive. These policies are very popular because you can get affordable quotes easily from quite a few established insurers. Their attractiveness also comes from the fact that they cover three essential risks and they are:
- Liability Coverage: You will have to buy liability vehicle insurance anyway to comply with state laws that require every car owner to buy third party insurance. This is the part of your policy that pays for any injuries and damages you cause to other people as a result of an accident you were at fault.
It is worth mentioning that most full coverage policies would come with much larger liability cover, rather than state enforced minimums. Also, this part will include uninsured motorists coverage (not always) and personal injury protection (in no-fault states).
- Collision Coverage: It covers possible damages and repair bills of your own automobile as a result of crashes with another car, property or item. Generally, it doesn’t matter who is at fault in order to make a claim. When the other driver is at fault you can claim either from your own policy or from third party insurer.
- Comprehensive Coverage: As the name suggests, it covers whole lot of damages your auto may suffer because of perils like fire, theft, flood, falling objects, vandalism and other accidental damages. So, most damages (except collision) to insured vehicles are covered under this title.
What May Standard Full Coverage Vehicle Insurance Not Cover?
Some of these policies can really be basic and only include those three items. This may still be fine if that is all you need. You have to remember that the more you add the more you have to pay.
However, you may want to check if your policy includes the following covers. And you may want to add some of them depending on your circumstances and the additional premium cost. Those additional covers are;
- Rental Car Reimbursement
- Personal Injury Protection
- Accident Forgiveness
- Business-Use Insurance
- Emergency Assistance, Towing & Labor
- GAP Insurance
- Custom Parts & Racing Equipment
Some insurers like to offer some of the above covers at a reasonable cost or include automatically in a quote. For example, rental car reimbursement cover is often automatically included to make the policy more attractive. That is why you need to compare quotes carefully before making your mind up. You will find that prices and coverage will vary considerably between quotes from different companies.
How Much Is Full Coverage Auto Insurance?
Approximately, 72% of automobile policyholders have full cover policies. That means they are much more popular than liability only cover and that is the reason why they can be fairly affordable. Prices tend to come down when something is sold in high volumes. Furthermore, competition intensifies around the most popular products that brings down the price.
If you are lucky you can get yourself a real bargain as full coverage vs liability car insurance price difference can be next to nothing. There are rare cases where people are quoted lower for a full policy than they are quoted for standalone liability.
These policies are designed to insure drivers against risks that worry them the most. These risks are liability claims and damages to own vehicle. They are popular because it is relatively easy to find quotes.
Prices will largely depend on personal circumstances like age, driving experience, claim history, traffic violation tickets and credit score. If you are an experienced driver with no claims you may only need to pay $300 – $400 more for getting insured fully in comparison to buying just the basic liability cover.
So, how much is full coverage car insurance on average? We can only answer this question as average estimated cost. The US average for full cover is $1325. You can find out how much is the average for your state by following the previous link.
Affordable Full Coverage Quotes Online
Almost every auto insurer sells full coverage policies. Actually, there are some companies that wouldn’t sell liability only policies. Naturally, some of them would be more economical than others. That is why you will have no problem finding as many quotes as you want, from the best insurers to companies you have never heard of.
If you are not yet totally convinced that you should buy full cover policy you should get quotes for both types of policies. You can get as many quotes as you want online from the same company or various others. Most people have tight budgets and try to get what they want within it. So, it is alright to check premium quotes for different levels of coverage.
You should remember one thing here. Your current provider may have offered you the cheapest liability car insurance. This doesn’t mean that they will offer you the most competitive rate when you add comprehensive and collision. You should start getting quotes from various companies as if you have never gotten quotes from them before when you change the coverage levels and other particulars.
While one company is keen to sell you liability only policy a few other companies may not be keen on liability only policies. However, they may be very competitive on full cover policies. If you are looking for economical rates you are in the right comparison website. You can enter your zip code above and see what are the prices for liability only and full coverage and which companies are more competitive.
Who Needs Full Coverage Automobile Insurance?
Only liability section of a full cover policy is legally required. Collision and comprehensive covers are optional even though most vehicle owners don’t feel like they are. Here is when you must buy a full cover policy;
- If you have a new or expensive car you probably feel that you should insure it properly for collision and other risks.
- If you have a loan on it the lender will require comprehensive, collision and GAP coverage.
- If you live in a high-risk area with many auto thefts or traffic accidents you wouldn’t want to take a chance.
On the other hand, you may feel a liability only policy may be sufficient in these circumstances;
- If you own an older automobile to insure.
- If you haven’t had a claim for a long time and you can afford to buy another similar car should something happen to yours.
- If you live in a relatively safe and low traffic area and have very good driving history.
Naturally, lower rates allow you to afford more coverage. So, if you are not going to shop for the best prices because you don’t need to save money you should do it anyway in order to squeeze more into your policy. Have you ever asked yourself how will buying auto insurance help you? It can help you legally, financially and mentally.