The Cheap And Best Full Coverage Auto Insurance

TLTR: This article discusses cheap full coverage auto insurance; it’s the definition, when you may need it, some exclusions, how you can find the cheapest full coverage, and insurance companies to look into for the coverage. 

Purchasing a car is a big investment, so you should protect it. There is a myriad of options when you set out to buy car insurance. Many people try buying cheap full coverage auto insurance. But with the varying prices and the multiple factors that affect the premium rate, you are likely to find quotes that aren’t pocket-friendly.

According to Value Penguin, the average cost of full coverage car insurance is about $2,400 a year.  Similarly, according to Nerd Wallet, the average cost of regular car insurance is about $1,600.

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What Is Full Coverage Auto Insurance

Full coverage auto insurance quotes are a little complicated to define. There’s no official definition for full coverage. There are two types of physical damage protection coverage by this policy: bodily injury and property damage – but there isn’t any definition for what “full” means in this context.

You’ll want this coverage if your car has been in an accident with another vehicle or object. However, the protection doesn’t end there. When looking at cheap full coverage insurance, you should look for:

  • Collision Coverage
  • Comprehensive Coverage

So, in order to actually get full coverage, you need to buy the above-mentioned policies with your state’s required general liability insurance coverage.

Basics Of Collision And Comprehensive Coverage

Collision Coverage

Collision coverage helps you insure your car against damages caused to the car in a collision. Here are some scenarios where collision claims occur

  • Rear-ending someone
  • Running into a fixed, inanimate object
  • Damage to your car via a hit-and-run

Collision coverage, like any other policy, includes a deductible. On average, the deductible is between $500 to $1,000. This policy is applicable to you regardless of the fault. However, during claims, most collision coverages are filed under at-fault accidents.

Comprehensive Coverage

Comprehensive coverage is an important part of full coverage auto insurance. It is often known as other-than-collision coverage as well. This policy essentially covers non-collision related claims which arise from circumstances such as:

  • Theft
  • Vandalism
  • Weather
  • Animal attack
  • Animal run in

However, because many auto insurance companies don’t see comprehensive claims as to the result of driver error their rates typically don’t undergo much of a hike.

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Is Full Coverage Auto Insurance Required

You’ll find that there are many different reasons why you might need full coverage auto insurance. Here are some: 

When You Have A Leased Vehicle

Full coverage is required for drivers of financed or leased vehicles. With a lease, the driver does not own their vehicle outright and must ensure that it’s protected to the lender’s specifications.

In this particular scenario, you can either opt for cheap full coverage for auto insurance or you can get non-owners car insurance. The car owner will want you to protect their investment so pick the coverage wisely.

Vehicle Resale

Full coverage insurance is a wise investment, especially if you’re planning on reselling the vehicle in the future. Imagine the car you are planning to sell gets totaled – either by colliding with something or getting washed away during a heavy rainstorm.

You wouldn’t only lose out on the opportunity to sell the car but also the car itself. You may also have to bear the expenses to repair it. Without this protection it may be difficult to get compensated financially should anything happen.

If Your Car Is Expensive

If you drive a car that costs more than $4,000 then it would be sensible to get full coverage auto insurance. Experts advise purchasing this type of insurance because you want your investment protected. If anything should happen, your car will get covered.

Car repairing costs are sky-high lately. For example, you own a Mazda 6 which has a starting range of $24,000. If in a situation, your car gets totaled, you may have to pay as much as your car’s initial cost to repair it.

You can find the estimated cost of your car’s repair at websites such as Kelley Blue Book (KBB) or at your local AAA Club.

Rapid Climate Change

With the world facing rapid climate change, we are seeing the repercussions as well. The Washington Post talks about the clear link between weather disasters such as hurricanes, floods, and wildfires with climate change.

Such horrifying events are rapidly also changing the insurance industry. According to Fox Business, there are predictions that say many people aren’t properly insured. So, with the upcoming climate change predictions, it is suggested to invest in full coverage auto insurance today!

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Full Coverage Auto Insurance Won’t Always Save You

Full coverage does give the image of covering everything but that is simply not the case. There are many exclusions in insurance policies. When talking about cheap full coverage auto insurance, there are some things that the policy excludes. These situations are:

Medical Payments

The coverage only covers your vehicle. In most cases, the coverage will exclude medical payment costs. However, sometimes the policy may provide a small amount for medical payments. You will have to check with your insurance provider.

Roadside Assistance

If your car breaks down in the middle of traveling from one place to another, and you need roadside assistance then full coverage auto insurance will not bear the expenses.

Generally, these expenses are covered under a separate endorsement called roadside assistance and towing insurance.

Rental Car

Although full coverage auto insurance does cover cars that are financed or leased, the policy excludes rental cars. In order to get coverage for when you drive rental insurance, you can extend your auto insurance to the rental car. You can also get separate coverage for rental cars.

Gap Insurance

Most if not all car insurance policies exclude gap insurance coverage from the policy. Mostly because gap insurance is a little bit expensive and not commonly needed. So, it’s safe to say that a full coverage policy will also exclude gap insurance.

However, you can add it as an endorsement to your existing policy. 

Cheap Full Coverage Auto Insurance Companies

One of the best ways to get cheap full coverage auto insurance is by shopping with several car insurance companies. Knowing which company has the lowest rates and coverages available in your area can make your search easier, even if you’re a high-risk driver.

To help this process go as smoothly for everyone involved, we recommend having all relevant information beforehand. One way to get around paying more than necessary, compared to getting personalized quotes from multiple companies directly would be using an insurance directory. Here are some ways you can get cheap full coverage auto insurance:

Let The Insurance Company Get To Know You

To get an accurate quote, you’ll typically need to enter your name and date of birth as a driver. You will also have to input information about your current coverage status.

Knowing these details will help ensure that there’s a fit between what is currently in place for your vehicle versus new full protection from various companies.

Learn How To Negotiate

It’s important to be consistent when comparing car insurance companies. Make sure the coverages you’re using in your comparison are also what sets each company apart. Like liability limits and comprehensive deductibles for full coverage auto policies.

A good rule of thumb: Always use the same limit on Liability; collision should match except at different prices/rates.

Scrape Out Optional Coverages

Sometimes, when quoting a car insurance policy, you may get an overall package of many policies together. Try to see what all policies have been included in your coverage. Once you figure out the policies, you can ask your insurance provider about their limits, deductibles, and coverage areas.

Having a thorough understanding of the coverage can help you eliminate extra policies you may not need. For example, if you live in a fairly safe neighborhood or near a police station, you may not need an endorsement for theft.

Really consider the coverage before you pay for it!

Now that you know about full coverage car insurance and some of the exclusions, here are some insurance companies you can look into. According to Moneygeek, here is the cheapest full coverage car insurance rate:

Insurance Company Full Coverage Premium Cost
USAA $817
GEICO $941
State Farm $1,114
Progressive $1,226
Allstate $1,231
Nationwide $1,276
Travelers $1,415
Farmers $1,459
MetLife $1,613

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Conclusion

There are many different types of car insurance, and it’s important to know the difference between these policies. Also, it’s important to remember that there are exclusions when considering full coverage. Instances such as if you have been convicted of driving under the influence (DUI) within five years of applying for this type of policy.

While a cheap full coverage auto insurance does sound ideal, it won’t cover every single thing that you may need in a car insurance policy. However, if you want cheap car insurance with a good company and reputable service providers, we can help. Get in touch with our local insurance agents for more information on your options.

We know how confusing all these details about auto insurance can be so we will work hard to make sure any questions you have to get answered quickly and efficiently.

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Frequently Asked Questions (FAQs)

What Does Full Coverage Insurance Cover?

Full coverage usually refers to the combination of collision and comprehensive insurance. Collision cover protects your car in case you collide with another object or vehicle, while comprehensive pays for damage other than collisions such as hail storms. 

Which Insurance Companies Offer Cheap Full Coverage Insurance?

Among major U.S. car insurance companies, the cheapest average rates for full coverage come from companies like:

  • Nationwide
  • GEICO
  • Progressive

You can also compare quotes with our expert agents.

Is Full Coverage Auto Insurance Mandatory?

It depends. If you are leasing your car or using an external source to finance the car then full coverage auto insurance is required. Apart from that, you don’t have to purchase the coverage.

Also, you should consider getting coverage if you drive a particularly expensive car. So, if the vehicle will be resold, full coverage is a good way to keep the vehicle protected.

When Should I Drop Full Coverage Auto Insurance?

You can drop your full coverage auto insurance down to standard insurance coverage after you pay off the sum for a car and the title belongs to you. In a case where you are planning to sell a car, you can drop the coverage as soon as you have secured a buyer for your car.

Lastly, if the car that you bought for a higher price, has been around for a couple of years and you see that the price has reduced significantly then you can drop the coverage.

Does Cheap Full Coverage Include Minor Damages To My Car?

Cheap full coverage includes both collision as well as comprehensive coverage. So, if you have the policy then minor damages such as scratches should be covered under the policy.

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