Cheap Full Coverage Car Insurance (August 2023)
The best car insurance companies for full coverage include Travelers, State Farm, and GEICO—but comparing rates could find you a better fit.
Written by R.E. Fulton
Edited by Kathleen Flear
Full coverage car insurance costs drivers an average of $1,712 per year. That’s more expensive than state minimum coverage, but it’s well worth it for most drivers.
- Full coverage car insurance, which includes collision and comprehensive coverage, is the standard level of auto insurance coverage needed by most drivers.
- Full coverage auto insurance costs drivers an average of $142 per month, or $1,712 per year.
- The three cheapest companies for full coverage car insurance include GEICO, State Farm, and Travelers.
- Choosing the right deductible and installing safety or security upgrades can help drivers save on full coverage.
- Full coverage car insurance, which includes collision and comprehensive coverage, is the standard level of auto insurance coverage needed by most drivers.
- Full coverage auto insurance costs drivers an average of $142 per month, or $1,712 per year.
- The three cheapest companies for full coverage car insurance include GEICO, State Farm, and Travelers.
- Choosing the right deductible and installing safety or security upgrades can help drivers save on full coverage.
The best car insurance companies for full coverage
On average, drivers pay $142 per month or $1,712 per year for full coverage insurance. The table below shows average rates for some of the
best car insurance companies
for full coverage. Insurance company | Full coverage (/year) | Full coverage (/month) |
|---|---|---|
GEICO | $1,356 | $113 |
State Farm | $1,477 | $123 |
Travelers | $1,794 | $149 |
Progressive | $1,824 | $152 |
Nationwide | $2,094 | $174 |
Clearcover | $2,152 | $179 |
National General | $2,166 | $180 |
State Auto | $2,180 | $182 |
Full coverage auto insurance: the basics
Full coverage car insurance is the standard level of car insurance coverage recommended for most drivers, including comprehensive and collision insurance in addition to liability insurance.
Why full coverage is the gold standard: Full coverage is the only type of policy that meets the insurance requirements set by state law and covers damage to your vehicle.
Every full coverage policy is different: There’s no set definition of a full coverage policy. In fact, the two policies outlined below both count as “full coverage,” but each offers a different combination of coverages and a different level of protection—along with slightly different premiums:
Progressive: $170.33/mo* | Progressive: $196.00/mo* |
|---|---|
Bodily injury liability: $50k/$100k Property damage liability: $50k Uninsured motorist bodily injury: $50k/$100k Underinsured motorist bodily injury: $50k/$100k Medical payments: $5k Comprehensive: $1k deductible Collision: $1k deductible Towing: $50 Rental car coverage: $40 per day/$1.2k total | Bodily injury liability: $1000/$300k Property damage liability: $50k Uninsured motorist bodily injury: $100k/$300k Underinsured motorist bodily injury: $100k/$300k Medical payments: $10k Comprehensive: $500 deductible Collision: $500 deductible Towing: $100 Rental car coverage: $50 per day/$1.5k total |
* Real quotes for a 30 yr old woman in Harrisburg PA with a clean driving record, no previous insurance, and a 2019 Toyota RAV4 LE
Full coverage gives drivers the freedom to:
- Build a custom policy: Full coverage opens up the ability to purchase low-cost additional coverage options like roadside assistance or rental reimbursement coverage.
- Drive with peace of mind: Without full coverage, you’re on the hook to pay for any vehicle repairs out of pocket. With full coverage, most repairs stemming from an accident or other adverse event are covered.
- Finance or lease a vehicle: You can’t buy a car without proof of insurance—and unless you have full coverage, your lender won’t approve your loan.
The anatomy of a full coverage car insurance policy
The basics: Liability, collision, and comprehensive
What it covers | Medical bills and vehicle repairs for other parties in an accident you caused, up to your coverage limits | Physical damage to your vehicle caused by a collision, including single-car rollover events | Physical damage or losses caused by events other than a collision (e.g. vandalism, theft, severe weather, or natural disaster) |
What it doesn't cover | Your own expenses, including medical costs and vehicle repairs | Medical bills, damage caused by anything other than a collision, or any liability costs | Damage from a crash; medical bills, or any liability costs |
Is it required? | Required by law in all states except New Hampshire and Virginia | Required by lenders for financed or leased vehicles | Required by lenders for financed or leased vehicles |
Average cost per year | $670 | $290 | $134 |
Average deductible | $0 | $500 or $1,000 | $500 or $1,000 |
Common state requirements: Uninsured motorist coverage, personal injury protection, and MedPay
What it covers | Medical expenses (and sometimes property damage) from an accident caused by an uninsured driver, up to your policy’s limits | Medical bills, lost wages, rehabilitation costs, and funeral expenses after a car accident regardless of fault | Medical bills and funeral expenses for you and your passengers |
What it doesn't cover | Other drivers’ medical expenses or vehicle damage | Property damage | Lost wages and property damage |
Is it required? | Required by law in some states | Required by law in no-fault states | Required by law in Maine and New Hampshire |
Average cost per year | $136 | $200 to $400 | Varies |
Average deductible | Varies by state | Varies by state | Varies by state |
The best add-ons: Gap, roadside, and rental reimbursement
What it covers | The difference between a totaled car payout and the remaining loan balance | Towing and labor costs associated with a mechanical breakdown | The cost of a rental car when your vehicle is in the shop following a covered loss |
What it won't cover | Total replacement cost of a new vehicle or diminished value | Long-distance towing, vehicle repairs | Subject to policy limits |
Is it required? | Not required | Not required | Not required |
Average cost per year | $20 to $40 | $50 to $100 | $25 to $50 |
Average deductible | $0 | $0 | $0 |
Most drivers need full coverage auto insurance
Not sure whether you need to buy full coverage insurance? The short answer: you probably do.
Full coverage car insurance is for…
- Financed and leased vehicles: If you have an auto loan or lease on your vehicle, you’ll need to buy collision and comprehensive insurance. This protects your lender’s investment, which is why it’s part of just about every loan or lease agreement.
- High-risk drivers:If you pay a high rate due to your age or driving record, you might be tempted to forgo full coverage to keep your car insurance costs low. Drivers with a higher rate of accidents and violations should carry higher liability limits along with full coverage for better financial protection.
- High-value vehicles: Classic or collector cars, luxury vehicles, and new cars all need the protection of a full coverage auto insurance policy. Not only will it protect your investment, but it allows you to add optional coverages like gap insurance.
You should skip full coverage on…
Almost every car benefits from full coverage insurance.
The exception: older vehicles that are worth less than $4,000. Use an expert resource like Kelley Blue Book to determine your car’s actual cash value (ACV) before dropping full coverage.
How to save on full coverage
“Full coverage” and “
cheap car insurance
” aren’t mutually exclusive. Although full coverage always costs more than state minimum coverage, most drivers can keep their costs low using these simple strategies: - Choose the right deductible: A high deductible (e.g., $1,000 or more) means lower monthly costs—but never choose a deductible that’s higher than you could realistically pay out of pocket in the event of a claim.
- Build your credit score: Credit has nothing to do with how you drive, but it’s a reliable measure of your ability to pay for coverage. A higher credit score tends to come with lower car insurance quotes—even on full coverage!
- Take advantage of discounts: Insurers offer discounts for bundling multiple policies, paying your premium in full, and tracking your driving habits with a telematics app or device.
- Install an anti-theft device or driver safety system: Because full coverage protects your vehicle, some insurance companies offer discounts to drivers who upgrade their vehicles with anti-theft devices or new safety tech.
- Purchase an older car: If you’re looking for a new ride, think a little less new—full coverage for a used car that’s just a few model years old will cost less than full coverage for the latest model.
- Compare rates: Instead of taking the first quote that comes your way, take a few minutes tocompare auto insurance ratesand identify the best fit for your driver profile.
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FAQs
What does full coverage mean for car insurance?
“Full coverage” refers to a car insurance policy that includes collision and comprehensive insurance in addition to liability coverage, uninsured motorist coverage, and any other coverage mandated by state requirements. It’s the standard level of coverage needed by most drivers.
Why is full coverage important?
Full coverage is the only type of coverage that pays for damage to your vehicle. That’s why it’s a requirement from lenders if you have a car loan or lease—and why experts recommend it for just about everyone.
How much is full coverage?
The average cost of a full coverage car insurance policy is $1,712 per year as of May 2023.
Is full coverage car insurance required?
Collision and comprehensive insurance aren’t required by law in any states, but they are required by lenders for financed or leased vehicles.
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