We all like to save money, and many of us do not mind paying less and getting cut-rate products. Of course, there are some things that you just don’t want to skimp out on, and you will have to pay the going rate. One of these things is full coverage auto insurance. After all, you spend a lot of money to get a vehicle, and you want to make sure that if anything happens to it that there is going to be insurance to take care of your expenses.
Minimum Coverage
Most states require that everyone who has a vehicle have a minimum amount of coverage. If this is all that you can afford, then at least you will have some coverage if anything should happen. But, if you can afford it, you really should consider paying a little bit more and having full coverage. That way, no matter who is at fault for an accident, you do not have to worry about a lot of out-of-pocket expenses that you may not be able to afford. If you have the proper coverage, you will even have legal representation if you are sued following an accident where you were at fault.
Each state has its own requirements for auto insurance. If you are not ready to get full coverage auto insurance, for whatever reason, you need to either speak with your insurance representative, or inquire at your local Department of Motor Vehicles to find out what the minimum insurance requirements are for the state you live in.
What Does Full Coverage Actually Cover?
A number of different items are used to make up full coverage auto insurance. The first component we are going to talk about is liability insurance. Most states expect all vehicle owners to carry a minimum amount of liability insurance. This covers you in the event that you are at fault in an accident and the other parties are claiming damages. The three things that are covered by liability insurance are:
- Personal Injury
- Property Damage
- Medical Bills
As a rule, most liability policies cover $50,000 for personal injury, up to $100,000 for property damage and up to $25,000 for medical bills.
Full coverage insurance also includes collision coverage. This is pretty simple and straightforward. If you are in an accident while your vehicle is in motion, any damages are paid for by the collision coverage. You can file claims even if your accident does not involve other vehicles. Some instances that are covered include hitting buildings, being hit by another vehicle, and accidents involving animals (many people who live in rural areas have this coverage because of the higher rate of accidents involving wildlife, especially deer and moose). You are also covered if an uninsured driver hits your vehicle.
Comprehensive Coverage
Another aspect of full coverage is comprehensive insurance. This is usually combined with collision coverage, and provides similar coverage. The major difference between comprehensive and collision insurance is that your vehicle does not have to be moving for you to be paid for damages.
- For instance, if your vehicle is parked and another driver runs into it, you will be covered. If a tree limb were to fall on your vehicle, your insurance will pay for the damages. Other instances that can be included in this type of coverage include fires, natural disasters such as floods and severe weather (all of these are also referred to as acts of God). Theft and vandalism are also covered.
You can save money on comprehensive coverage by taking steps to protect your vehicle. Installing an alarm system is a good example of this.
Uninsured/Underinsured Drivers are Covered
What would happen if you were in an accident, and the other driver did not have enough, or any insurance coverage? Would you be stuck paying for everything, even if the accident weren’t your fault? Your full coverage auto insurance includes uninsured/underinsured motorist coverage. This means that even if someone who does not have coverage hits you, you will be protected.
The uninsured motorist involved in the accident is required to pay your deductible. If you have any medical bills as a result of the accident, they will be taken care of by this coverage. The only conditions for this are that the accident is not your fault, and the other driver has absolutely no insurance.
Being underinsured or uninsured is the same thing when it comes to the law. In some states, drivers may have money set aside and held by the State instead of having insurance. This is basically the same as insurance, because it is money that is to be used only if there is an accident. If there is not enough in the account to cover all of the expenses, the underinsured/uninsured driver must pay the difference.
Your Full Coverage Auto Insurance Policy
Insurance products and premiums will vary depending on the company, which is why it is so important to make sure that you shop around before making your final decision about which insurer you want to do business with.
In some cases, you will be able to choose the insurance products you need to make up your full coverage policy. You may wish to have two or more of these policies, but not all of them. Make sure that you understand everything involved, and what could happen if you decide not to get certain types of coverage.
Getting Quotes
If you want to make sure that you are getting the best prices for full coverage auto insurance, you need to get quotes. As previously noted, not all insurers offer the same products and rates. You may even find that if you already have insurance that you are paying too much, and another insurer will provide you with the same coverage you have now at a much better rate. Insurance is expensive, but it does not have to be outrageously priced. Let us know what you need for coverage, and we’ll use your zip code to get a number of free quotes from insurers in your area. Go online today to get your free insurance quotes.
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