#cheap full coverage auto insurance
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Where to Find Cheap Full Coverage Insurance
Cheap full coverage insurance may seem hard to find, but fortunately, it’s not always as expensive as you might think to protect your vehicle — and the peace of mind you’ll gain could be worth the extra money. However, enhanced coverage is actually a bad investment for some drivers, and of course, some companies provide better rates than others. Before you sign up for a policy, it’s wise to do your homework.
What is full coverage insurance?
Though the term “full coverage insurance” is common, it’s also a misnomer. No insurance company can really protect your car against all damage. Still, if you’d like to protect your vehicle – in addition to yourself and other drivers — in the event of an accident, full coverage is the way to go.
Full coverage refers to the combination of state-mandated coverages: personal liability, sometimes additional policies – like uninsured/underinsured motorist coverage or personal injury protection — and collision and comprehensive coverage. In many cases, you can’t add one without the other, or can’t add comprehensive without having a collision policy. Collision coverage protects your vehicle from damage caused by another car or an object, generally when you’re at fault. Comprehensive coverage protects your vehicle from damage caused by many other events, including fire, vandalism, theft and adverse weather conditions.
That may sound like it covers all your bases, but there are still some common restrictions. For example, most comprehensive coverage doesn’t cover animal damage that isn’t the result of a collision. And while it will cover the theft of your vehicle, it usually won’t cover the value of items inside – that’s the job of a homeowner’s or renter’s policy. Make sure your policy covers all of your likely risks before you sign.
Who should buy full coverage insurance?
Even though you can find a good deal on full coverage insurance, you shouldn’t spend the money if you don’t really need it. However, the extra premiums are a good investment if:
- You’re financing a vehicle. If you still owe a substantial amount of money on your car, you want to keep it in good shape. In some cases, comprehensive policies may even be required by your lending agreement.
- You have a new car. Regardless if your new car is financed, you’ll want to protect your investment. Consider carrying comprehensive and collision policies for at least a few years, until your car value drops below a few thousand dollars. The total of your annual comprehensive premium and your deductible is a good marker.
- You live in an area with lots of traffic or extreme weather. The more adverse conditions your car is exposed to – whether it’s congested highways during your commute, or strong, frequent storms — the more likely your car is to sustain expensive damage.
Although you should consider all of these criteria when choosing your coverage level, the age of your car trumps other factors. Even if you have a long, stressful commute or live in a storm-prone area, it’s not worth it to pay for extra insurance on an older vehicle.
Where can drivers buy cheap full coverage insurance?
Collision and comprehensive coverage are standard policy options from any insurer, in addition to liability. This means your current company can help you out with supplemental coverage. The amount that collision and comprehensive will add to your bill varies by company, but in general, the best way to manage these premiums is to opt for a higher deductible. The deductible is the amount subtracted from your insurance payout if you make a collision or comprehensive claim. Your vehicle will also affect collision and comprehensive coverage costs.
Let’s consider a sample scenario. The amounts quoted below apply to a 28-year-old single female, living in San Francisco and driving a 2012 Toyota Camry, with liability limits of $100,000 for injuries for one person and $300,000 for injuries for one accident. Our sample rates include a $500 deductible on both comprehensive and collision.