How much is full coverage car insurance per month?
Car insurance rates vary depending on a number of things but one of the biggest factors is what type of car insurance you choose to buy. While all states have minimum car insurance requirements most drivers opt for full coverage car insurance, and when you read about the average cost of car insurance its typically the cost of a full coverage policy quoted.
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The term “full coverage” certainly has become part of the vernacular in the car insurance industry however it only has a general definition vs. a rock solid definition. Also it’s kind of misleading since you are never fully covered in a car accident, just insured up to your policy limits.
What is full coverage car insurance?
Typically when you hear the term full coverage car insurance it means a policy with liability, collision and comprehensive coverage with levels exceeding $100,000 across all three types of insurance. A type of policy like this certainly sounds like enough to cover almost any accident however remember that many lawsuits and medical expenses can easily surpass $100,000. While you probably are fully covered for almost any car accident there are situations where you may find yourself uninsured.
Who should buy full coverage car insurance?
Almost any driver who owns a vehicle worth a decent value should probably buy full coverage car insurance. Liability insurance is certainly the most important and almost any financial expert will advise you to always purchase much more liability coverage than the state minimum requirements. Collision and comprehensive coverage however depend on your unique financial needs and the value of the vehicle insured. This is often a personal decision based on unique needs for drivers who own their vehicles. People who opt to finance or lease a vehicle however often have no choice but to buy anything less than full coverage. Both auto leasing and auto loan companies want to protect their liability so as part of the financing terms most financial companies will require you to obtain a full coverage policy.
Can I buy a car insurance policy that covers me for anything?
There are many different car insurance companies and policy offerings but there will always be limitations to how much insurance you can buy. For most car accidents $100,000/$300,000 in liability insurance will be sufficient but, like anything, non-typical and extreme circumstances do happen when this will never be enough coverage. If you think standard full coverage car insurance policies are not enough then you can look into higher limits or other forms of supplemental insurance such as a personal umbrella liability policy or even homeowners insurance.
How much is a full coverage car insurance policy?
When it comes to the average cost of car insurance published by many different sources these quotes typically reflect a certain profile of driver. Remember that car insurance rates vary depending on risk and any report of what you can expect to pay is often based on a certain risk profile. One of the more popular reports is the “most and least expensive states for car insurance” study published annually by Insure.com. At first glance this report provides some great comparable information breaking down the average premium paid per state for car insurance compared to an overall national average. However if you are a woman driver, young driver, high risk driver or one of any number of other risk profiles this information doesn’t really mean much as the data was based on comparing premiums of a 40-year-old single male driver with a small work commute along with other variables. Reports like these are certainly meaningful to extrapolate some information but should never be regarded as results which fit all.
The cost of car insurance will always depend on a number of variables including where you live, the type of vehicle insurance, your driving record and more. Most drivers typically find full coverage car insurance for between $75 to $150 a month but it’s really impossible to say how much your cost of car insurance will be without reviewing your risk profile. Many drivers start a car insurance comparison search online where you can compare car insurance quotes quickly from a list of providers. Enter your Zip code above and learn how much car insurance may cost for your scenario today.