When it comes to car insurance, there are many factors to consider when determining the cost. State coverage requirements, the number of uninsured drivers, and accident rates all play a role in the cost of full coverage car insurance. Full coverage is not an official term, but typically includes higher liability limits with collision and comprehensive coverage to insure the vehicle. This type of policy may be required if your vehicle is leased or financed.
In this article, we'll discuss what's included in a full coverage policy and how much it costs to buy full coverage in each state. We'll also provide a table that shows the rates for car insurance with minimum coverage for all 50 states.
What is Full Coverage Car Insurance?Full coverage car insurance typically includes liability coverage and any other legally required coverage, as well as comprehensive and collision coverage. Liability coverage protects you from financial responsibility if you cause an accident that results in injury or property damage to another person.
Comprehensive and collision coverage protect your vehicle from damage caused by theft, vandalism, fire, hail, flooding, and other events.
How Much Does Full Coverage Cost?The table below shows the annual and monthly average of the total coverage premiums of some of the country's largest auto insurance companies, by market share. It includes liability coverage and any other coverage required by your state's law, plus physical damage protection for your car with comprehensive and collision coverage. All insurance products are governed by the terms of the applicable insurance policy, and all related decisions (such as coverage approval, premiums, fees and charges) and policy obligations are the sole responsibility of the insurance insurer.
The rates shown in this analysis are based on non-binding auto insurance quotes with minimum and full coverage obtained from Quadrant Information Services. Each company sets its own rates, so the same level of coverage can cost very different amounts with different providers.
ConclusionFull coverage insurance covers accidents involving injuries and damage to other people, as well as for damage to your vehicle. While buying minimal coverage may result in a cheaper premium, it also means that drivers can have minimal financial protection in the event of an accident.
To get an accurate estimate of how much full coverage car insurance will cost you, it's best to compare quotes from multiple providers. When shopping for full coverage car insurance, it's important to understand what is included in a policy. Knowing what type of protection you need can help you make an informed decision about which policy is right for you. Additionally, it's important to compare quotes from multiple providers to ensure you're getting the best rate possible.
Full coverage car insurance can provide peace of mind knowing that you're protected in case of an accident or other unexpected event. With the right policy in place, you can rest assured that you're covered no matter what happens on the road.