How to Find the Cheapest Full Coverage Insurance

Full Coverage Insurance

Full coverage insurance is an insurance type that enables you to have coverage for your car. It is a combination of comprehensive and collision insurance. In this type of insurance, the insurance company covers your vehicle’s damages. They may also deal with liability coverage for your vehicle, which insures any damage that you cause to others while driving. 

However, liability coverage insurance covers the liability alone, but with full coverage insurance, you get a lot of situations covered at the same time. Hence it may come a bit pricier than the former one. You need to take a lot of factors into consideration to find cheap full coverage insurance. It is essential to look around for the cheapest possible solution.

Full Coverage Insurance – Overview

Full coverage insurance is not an insurance type that only deals with a specific type of policy. There are a lot of factors that are considered in this type of coverage insurance. A combination of required and optional coverages are given below:

  • Collision coverage: Full-coverage insurance includes collision coverage within it. Collision coverage is an insurance that backs you up if you bump into another vehicle or cause harm to any roadside objects such as post boxes, trees, telephone poles, etc.
  • Comprehensive converge: Comprehensive coverage is a type of insurance that repairs or replaces your vehicle in case it gets damaged or lost by any covered cause. Covered causes may include fire, falling of objects, animal collision, extreme weather, and theft. 
  • Liability coverage: It is another type of coverage that helps you to pay the damage of injury you cause to any passerby or if you cause any harm to their property while driving. 

Sometimes uninsured and underinsured motorist coverages might also be combined with full coverage insurance; however, it depends on the insurance company. This type of coverage comes in handy at the point when another driver bumps into your car, but he or she doesn’t happen to have insurance to cover your medical costs. This type of coverage is also available for property damages, which is an excellent option to ensure.

Full coverage insurance comes with a series of several other coverages, but coverages that this insurance type covers are not all that we have in the bucket. There are a few other coverages available that might also come in handy at different situations such as new-car replacement insurance, custom parts and equipment coverage, emergency roadside assistance, etc. You will have to take them over separately because full coverage insurance does not include them.

How Much Does It Cost to Have a Full Coverage Insurance?

After going through an in-depth analysis of rates in 2020, we have come up with a result of a fee of $1,427 per year for a decent driver who doesn’t have any bad record or credit. 

The price for a full coverage car insurance highly depends on your driving record or how many cars you want to insure at a time. Below are the national average rates that you are likely to find in full coverage insurance.

  • $1,427 for a driver who has a decent driving record with proper credit. 
  • $2,506 for a driver who has a satisfactory driving record with poor credit. 
  • $2,146 after an at-fault wreck
  • $2,531 after a DUI
  • $1,781 after a speeding ticket

These are the average rates for single drivers only. The more the vehicles or drivers, the lesser the prices. Hence it’s a plus for you if you go to the insurance company with a couple of friends and family. However, if you are 50-year-old and married, the rates may be a bit different for you. Let’s have a look:

  • $2,106 if you are married and you have at least two cars
  • $3,906 if you are married, have a teen driver at your home, and at least two cars

How to Find the Cheapest Full Coverage Insurance?

There are a few state-mandated mediums that individuals tend to go after, but in reality, having full coverage auto insurance is much better than anything else. There are times when you come across several wrecks in which you have no hands. In such cases, full coverage insurance is critical to get yourself saved as the rates for such incidents tend to be as high as the sky. 

Do not take a single insurance company for granted. There should be several companies in your region, and you should look at all of them one by one until you don’t find the one that can meet your desired requirements. Shopping around is the key here. The cost or price of this type of insurance varies. It highly depends on a series of personal factors such as your driving record and credit history. 

The company that you decide to go with will play a massive role in this matter as well. There are a lot of companies waiting for you eagerly to provide you full coverage insurance services at the cheapest rate possible. When you don’t do your homework and pick a company randomly, it will make you end up losing a considerable amount of money as you didn’t shop around for the cheap one. A nice trick in saving money with full coverage insurance is going with a regional, small insurer.

Below is a chart of a range of average annual prices set by a series of car insurance companies that have been in the industry for a good time.

Insurance ProvideLiability OnlyFull Coverage
Allstate$456$1,011
Farmers$357$823
GEICO$292$602
Liberty Mutual$356$863
Nationwide$366$715
Progressive$381$810
State Farm$309$647
USAA$221546

Do You Need a Full Coverage Car Insurance?

The law does not force anyone to secure their vehicles with full coverage car insurance. In some states, they only advise having a small amount of auto liability insurance. However, these small amounts of auto liability insurance do not guarantee that they will cover your injuries or car repairs. They will only look after the damage and injuries you cause to others. 

The lender will suggest you get a collision or comprehensive coverage if you purchase a vehicle on lease or loan. You can get these loan types with the help of various companies in the region, but some companies may want you to purchase both the loan types at a time.

Here are a few reasons which make you consider buying full coverage insurance.

  1. Your car is new and expensive 
  2. Your route to office includes heavy traffic
  3. The place where you are situated is vulnerable to theft or animal collisions or any other natural calamities
  4. It is almost impossible for you to replace or repair your car once it is damaged or stolen 

Insurance Quotes Are More than Important While Shopping for A Car

It is wise to consider quotes for any car that you are looking to buy. The price of insurance varies from vehicle to vehicle. So, you don’t know whether you’re going to end up a lot of money for the vehicle model you are going to buy. Before deciding on your preferred vehicle, make sure that you have the budget in your pocket.

Least Expensive Vehicles to Insure:

RankBrandModelAverage Rate
1MazdaCX-3 Sport$1,324
2HondaCR-V LX$1,333
3WranglerSport S$1,334
4SubaruOutback 2.51$1,335
5Fiat500X Pop$1,336
6HondaOdyssey LX$1,353
7SubaruForester 2.5l$1,373
8MazdaCX-5$1,374
9JeepRenegade Sport$1,374
10HondaHR-V LX$1,377

Most Expensive Vehicles to Insure:

RankBrandModelAverage Rate
1MercedesAMG GT R$4,082
2AudiR8 5.2L V10 Quattro Performance$4,033
3NissanGT-R$3,994
4BMW M8M8 Competition xDrive convertible$3,953
5MercedesS65 AMG$3,911
6BMWM760i xDrive$3,814
7PorschePanamera GTS Turbo$3,800
8TeslaModel X Performance$3,798
9DodgeChallenger SRT Hellcat Redeye$3,768
10MercedesS560 convertible$3,766

How to Compare Full Coverage Insurance Quotes?

Different carriers have different quotes for you. Without comparing their quotes on the same coverage, you are not likely to get the best deal done. There are a few factors you need to consider for comparing quotes from different carriers for full coverage insurance. 

  • Same Deductibles and Liability Limits
    Using the same deductibles and liability limits across quotes are essential for figuring which is the best price for you for the same coverage. Do not move from the amount which you think is perfect for your collision and comprehensive deductibles. 
  • Add-on Coverage Details
    There are a lot of add-ons that may be different for various companies. These add-ons may include pet injury, gap insurance, accident forgiveness, etc. Before you sign up with a company, make sure that you have an idea about each add-on. 
  • Matching Information is A Must
    Do not mismatch your information from companies to companies. It may cause harm to your further records, hence keep everything the same for each company. 

There you go. This is a long detailed guide that we could manage to craft for you. We hope you have everything in this article that you will need to secure your vehicle’s financing. Always determine your time, money, and effort first. Without identifying these three essentials, the chances are that you will end up investing for a high price. Consider all the factors mentioned above, and you will see that you are getting on the verge of securing your vehicle with the lowest rate available in the region.

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