If you are leasing or buying a vehicle, auto insurance is almost always compulsory. However, the amount of insurance you desire to purchase is entirely up to you. Whereas some vehicle owners prefer the least possible amount of insurance, others choose to invest in as much insurance as possible in case of any unexpected accident with their cars.
Although full coverage vehicle insurance is more expensive than a bare-bones policy, it might help you save thousands of dollars in repair costs. Without coverage on all fronts, you may need to cover damage to your car on your own.
Worse still, if you get involved in an at-fault accident with another motorist, you may have to cover most of the damages done to the other driver’s vehicle, as well as your own. Most people should spend extra for full coverage vehicle insurance, particularly those living in areas in which cars are higher risk, including crime-ridden places or cities in which abnormal weather is common.
What Is Full Coverage Vehicle Insurance?
Full coverage vehicle insurance isn’t an official name for a vehicle insurance policy, but somewhat an auto insurance lingo. If you have full coverage, you’re protected by comprehensive insurance, liability insurance, and collision insurance. Most insurance holders are obligated to have liability insurance, nevertheless many only go for either comprehensive or collision insurance.
What Is The Cost Of Full Coverage Insurance?
Full coverage insurance policy cost varies depending on the vehicle owner’s driving record, state of residence, and other personal factors. For example, a 30-year-old male possessing a clean driving record will spend less than a 16-year-old male.
Why Would You Need Comprehensive And Collision Insurance?
You should invest in both comprehensive and collision auto insurance if you reside in an area in which crime, natural disasters, or even wildlife such as deer are common. Many drivers only pay for collision insurance, as they see two-car accidents as the principal dangers to their cars, but other factors that are entirely out of their control might be just as common. It isn’t just fender benders putting your vehicle at risk; having expensive hardware stolen or even hitting a deer can cost more in repair and replacement fees. Even if you live in an area in which animal-related accidents or natural disasters aren’t common, comprehensive vehicle insurance could be a lifesaver.
Is It Worth It?
Let’s consider a scenario in which collision insurance is crucial. You get involved in an accident with another road user, and both of you experience minor injuries. Without an insurance coverage, you would need to pay for your injuries (and possibly the injuries of the other road user and their passengers if you’re the one at fault), the repairs on your own car and potentially the repairs on the other driver’s car. Sounds like a lot, right? It is. With full coverage insurance, your injuries would be covered by your Personal Injury Protection (PIP) and both your repairs and the repairs of the other driver’s car would be covered by your collision insurance. In addition to the monthly premiums you would be paying, all you’d pay for this coverage is the cost of your deductible.
Now let us also look at a scenario in which comprehensive insurance could help you save money. Your vehicle is parked in a parking lot for a prolonged period, and when you return to your car, you notice that your impressive GPS system has been taken, a window has been smashed, your airbags are gone, and your hubcaps have been stolen or removed. If you don’t have comprehensive insurance, you are probably freaking out. If you do have it, nevertheless, you can take a deep breath and call your insurer. You will need to pay the cost of your deductible, other than that; your vehicle insurance provider should be able to cover the rest.
You may be thinking; what are the chances of this happening to me? Especially if you have never been involved in an auto accident or experienced a loss or disaster surrounding your car, you may think getting your car covered on all fronts is not entirely necessary. Accidents occur, regardless of how safe of a driver you are. Being prepared for the worst is vital. Full coverage vehicle insurance could save you thousands of dollars in repairs and replacements if something happens to your car. Though you will be paying more, it could be totally worth it.