Just How Much Is Full Coverage Insurance?

“How much is full coverage insurance?” is a question that many Americans ask every day. One of the most important things that any responsible vehicle owner can do is to maintain quality insurance for their vehicle.

Full coverage insurance is designed to cover damages to the vehicles involved in an accident, both physical and property. Most states require drivers to carry insurance on their vehicles, the exception being Virginia. Laws have also been put into place to protect drivers as they travel from one state to another.

There are many different forms of insurance and different ways for insurance to protect drivers and others on the road:

◦     Covers bodily or property damage that the driver is responsible for

◦     Refers to bodily injury per person/bodily injury per accident/property damage

◦     Minimums required vary by state

◦     Generally, liability coverage that extends to rental cars

◦     Commonly refers to a combination of comprehensive and collision coverage

▪     Comprehensive – coverage for damages other than collisions

▪     Collision – coverage for vehicles involved in collisions

◦     Covers vehicle owners in the instance where the at-fault party is either uninsured or underinsured.

 

Average Full Coverage Auto Insurance Cost Per Year By Types Of Vehicle

One of the main factors that insurance companies use to determine the price of full coverage auto insurance, is vehicle type. Some of the most popular vehicles and their average prices are listed below:

  • Cars – Between $75 and $150 per month
  • Trucks – Between $130 and $400 per month
  • Sport Utilities – Between $150 and $300 per month
  • Vans$180 and $250 per month

 

how much is full coverage insurance

 

Full Coverage Auto Insurance Costs For Young Drivers

Rates for auto insurance are naturally higher for those who are under the age of 25 and are typically double that of older drivers. Statistically, young drivers are more likely to be involved in accidents than more experienced drivers. Young drivers not only lack experience with driving as a whole, they tend to drive in unfamiliar places which can lead to an increase in accidents.

Drivers should expect the following prices for young adults:

  • 17 year olds – Between $150 and $300 per month
  • 18 year olds – Between $125 and $275 per month
  • 21 year olds – Between $150 and $250 per month

There are ways for young drivers to lower their premiums. Be sure to ask your insurance company about any discounts they may have for meeting certain criteria. You should also choose a safe vehicle to drive.

Be sure to avoid vehicles with large motors and to steer clear of sports cars and other vehicles that may have a high repair/replace cost. You should also consider choosing a higher deductible, which in turn, will lower your monthly premium payment. Be aware, however, that you will need to have cash on hand in case of an accident that will cover your deductible.

How Much Is Full Coverage Insurance On Motorcycles?

Most major insurance companies offer insurance for vehicles other than the traditional cars, trucks and SUVs. Motorcycles are also a popular item for insurance companies to cover.

Like other types of insurances, full coverage insurance for motorcycles can vary a great deal depending on type, size and the driver.

They can vary anywhere from $200 per month for a small motorcycle to $1000 per month for a high-horsepower larger model.

There are some ways to help control the cost of insurance for your motorcycle. One way is to avoid purchasing collision and comprehensive coverage by purchasing a less expensive motorcycle. However, if you are financing your bike, lenders require this coverage until the loan has been satisfied. 

You can also consider dropping medical coverage, which many people feel is unnecessary for motorcycle owners. However, it is a good idea to inquire about occupant coverage because many policies will only cover the driver. Some companies also offer discounts to members of credible motorcycle associations.

 

Full Coverage Insurance Costs On Rental Cars

Insurance for rental cars is a huge debate amongst those who frequent car rental companies. Some rental companies charge anywhere from $7 per day to $40 per day for coverage, which can seem excessive to some drivers. There are other options available, including personal insurance and credit card coverage.

Typically, your personal insurance will cover you in case of an accident in a rental car, but it is important to remember that rental car companies will require your deductible to be paid immediately if an accident does occur. Check into coverages and deductibles before renting a vehicle, including any coverage that may be offered by credit card companies.

Not all credit cards work the same and many policies have changed throughout the years. To be certain of your coverage, contact your specific credit card company by calling the toll free number that is typically listed on the back of the card.

In Summary

When choosing an auto insurance company, it is important to remember that many factors will help determine how much full coverage insurance is.

Some of the most popular insurance companies in the US that you should look into are:

  • State Farm
  • Allstate
  • Geico
  • Progressive
  • Liberty Mutual
  • Farmers
  • Travelers

 

It is important to obtain a few quotes and to learn the differences between the policies before making a final decision. Each policy can be suited to the specific driver and therefore may be somewhat different than each other. Be sure to inquire about discounts that you may qualify for if you have multiple policies within the same company.

Many companies offer discounts for customers that also have home owners, renters or life insurance policies as well. For best results, strive to maintain an excellent driving record and choose vehicles that offer lower costs to insure.

 

DISCLAIMER: This article is for guidance only. Always consult with a Specialist on everything.

 

 

 

 

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