Auto Insurance Questions & Answers
What Are the Benefits and Costs of Full Coverage Auto Insurance?
Full coverage auto insurance is actually a misnomer. Judging from the name, you might think that this type of coverage would cover you no matter what happens but the truth is that no auto insurance policy will truly cover you "fully." What is full coverage auto insurance, then? And just how much coverage does it provide? The answers to these questions follow.
So why is it called full coverage auto insurance?
It is not called full coverage auto insurance because it can protect you from every eventuality. As stated previously, no policy can protect you from everything. However, full coverage auto insurance offers an attempt at a blanket protection against the problems that you are most likely to face.
What does full coverage auto insurance usually cover?
Full coverage auto insurance may have different meanings for different insurance companies, but it generally refers to the dual coverage of liability costs, as well as coverage for physical damage expenses. Between these two coverage types, you should have all the coverage that you need to protect you from the financial repercussions of common accidents. Still, these two types can be broken down further.
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Liability coverage can be broken down into property damage liability and personal injury liability coverage. Without these subtypes of coverage you might be forced to pay these expenses out of your own pocket. On the other hand, with this coverage, you are not only protected from the obvious after-effects of accidents, but also the costs incurred when property is damaged, the costs of medical bills, and lost wages of injured persons.
Of course, you might also need collision and comprehensive coverage to pay for physical damage to your vehicle. Collision pays for damage directly related to car collisions, while comprehensive coverage covers a long list of other potential causes of damage. Comprehensive coverage includes damage caused by everything from theft and fires, to floods and animal damage. When used together, these coverage types provide a thorough – albeit not all-encompassing – blanket protection known as full coverage auto insurance.