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What is Full Coverage Auto Insurance?

It is a term used to describe the three-part combination of liability car insurance, comprehensive auto insurance, and collision auto insurance. “Full coverage” is when these three insurance products are combined into one package.

This type of car insurance policy protects you above the state-required minimum liability, because it contains these first-party benefits and third-party benefits:

  • Liability insurance (third party): Liability insurance consists of bodily injury and property damage coverage intended to help pay for the injuries and damages you cause to others in an accident where you are at fault. Some form of this kind of policy is legally required in most states. In at-fault states, it will not cover your own injuries and damages.
  • Collision insurance (first party): Collision insurance helps you pay for any repairs or replacement for your vehicle losses after a collision, regardless of fault. It has a deductible you must meet.
  • Comprehensive coverage (first party): Comprehensive coverage, which has a deductible, kicks in to repair or replace your vehicle after something happens when you are typically not behind the wheel. This could be a hailstorm or other storm damage, vehicle theft or damages if you hit an animal.

If your vehicle is financed, your lender will require full coverage until you pay off your loan. You can also purchase these insurance products separately, if you so desire. The friendly agents at Acceptance can help you decide what you need and help you find it at a cheaper cost.

How Much Does Full Coverage Cost?

On average, the annual cost is $2,014 across the nation. Most people won’t pay this amount exactly, as insurance rates are composed of a large variety of factors. Some of the more important factors include:

  • Age: The highest premiums are paid by young and inexperienced drivers, while more mature motorists tend to see the lowest.
  • Driving history: Next to age, this is the largest factor. Those who have a clean driving history will see the lowest rates, while those who file many claims and have a spotty record will see the highest.
  • Location: People who live in congested, high-traffic areas may be charged slightly more than people who live in more rural areas with less traffic and less chance of an accident.

Your state’s insurance department sets the base rates and insurance companies work from there to come up with the cost of premiums. If you want lower premium options, give the welcoming agents at Acceptance a call.

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How Does Full Coverage Work?

It works by providing you with first-party benefits, whereas your liability only provides third-party benefits. What this means is your liability will help pay for injuries and damages you cause others in an at-fault wreck. But it will not help you pay for your own. With comprehensive coverage and collision insurance, the other two parts of full, you’ll have the protection necessary to repair or even replace your vehicle — regardless of who is at fault.

Why Should I Get Full Insurance Coverage?

Even if your vehicle is not financed, you should consider getting this type of policy because it will financially protect you from a variety of events your liability alone will not cover. For example, if your vehicle is stolen, how will you come up with the money to buy another one? What will you do if your vehicle is totaled in an accident you caused? Luckily, your liability will help to cover any injuries or property damage you cause others, but there won’t be anything for your own injuries and damages. However, with this type of protection, you’ll have the money you need to repair or replace your vehicle.

Costs to Repair Your Vehicle

Your repair costs in an at-fault collision could range from $200 to $10,000 on average. For example, if you rear-end another car, your front-end damage could cost anywhere in that range, depending on severity. With only liability, you’ll need to come up with that money out of pocket.

Depending on Another Person’s Insurance

What if you are in an accident that’s not your fault, but the damage to your vehicle is severe enough that you cannot drive? Considering that most drivers are underinsured, you can only hope the other person’s insurance will cover your repairs. You can take them to court for the remaining amount, but that takes time as well as assets they may not even have.

Unhappy Female Driver With Damaged Car After Accident Calling Insurance Company On Mobile Phone, cheap car insurance.

What is Not Covered with Full Coverage?

Full coverage only comes with liability, comprehensive and collision. In some states, uninsured and underinsured motorist coverage is required as part of the state’s minimum car insurance requirements, but it is not included. Some insurers include roadside assistance and some do not. Other types of insurance not covered under full include:

Ways to Save Money on Full Coverage Auto Insurance

It’s true that a full policy costs more than liability only. If you are required to purchase a full policy due to financing or if you just want to find a way to be able to afford the cost, here are some tried and true methods for lowering your policy premium.

  • Increase your deductible: Both collision and comprehensive have deductibles. Raising your deductible will lower your premium.
  • Comparison shop: Let our knowledgeable agents shop around and compare pricing for you. We’ll give you several options to choose from that fit your budget.
  • Discounts: Make sure your insurer is offering you discounts. Most carriers offer them for things like a safe driving history, bundling policies and more.

Your local Acceptance agent understands how insurance works and how to find the best prices for the protection you want. Come in or call us today for a free quote.

Get Affordable Full Coverage Car Insurance Today

Whether required to have full coverage for your financed vehicle or just wanting the best protection you can get, your local Acceptance agent has the experience to help you find what you need and can afford. Reach out for a free car insurance quote online, give us a call at 877-405-7102 or stop by one of our convenient locations.