Travelers offers the cheapest full coverage car insurance on average at $93 per month, according to our analysis. The average cost of full coverage car insurance is $108 per month. A full coverage policy from Travelers is 15% cheaper per month than the national average.
Cheap Full Coverage Car Insurance
Updated: November 20, 2024
Advertising & Editorial Disclosure
Cheapest Full Coverage Car Insurance
Full Coverage Car Insurance: Travelers vs. National Average
National Average
Full Coverage Car Insurance Rate
$108
Travelers
Full Coverage Car Insurance Rate
$93Travelers has the cheapest rates:$15 saved
This is 14% less expensive.
What Are the Cheapest Car Insurance Companies for Full Coverage?
Along with Travelers, State Farm, Progressive, Nationwide and GEICO offer cheap car full coverage car insurance at lower-than-average rates. Since insurers have unique underwriting methods and price car insurance policies differently, full coverage car insurance rates for the same person vary, ranging from $93 to $126 per month depending on the provider:
| Travelers | $93 | -15% |
| GEICO | $101 | -8% |
| Nationwide | $103 | -6% |
| State Farm | $107 | -2% |
| Progressive | $109 | -0% |
| Farmers | $126 | 15% |
| Allstate | $126 | 16% |
Best Full Coverage Car Insurance Rates
Although Travelers is the cheapest company for full coverage insurance for most drivers on average, individual rates vary from person to person depending on personal factors unique to the driver. To help you find what may be the best rate for you, we’ve highlighted the providers with the cheapest full coverage rates within each driver category below:
| Overall | Travelers | $1,110 | $1,312 | $-202 |
| Seniors | Travelers | $1,094 | $1,273 | $-179 |
| After a Speeding Ticket | State Farm | $1,448 | $1,645 | $-198 |
| After an Accident | State Farm | $1,578 | $1,958 | $-380 |
| DUI | Progressive | $1,664 | $2,211 | $-547 |
| Bad Credit | Nationwide | $1,670 | $2,308 | $-638 |
| Military | USAA | $824 | $1,251 | $-426 |
| Young Drivers | Nationwide | $1,857 | $2,247 | $-390 |
| Expensive Cars | State Farm | $1,733 | $2,230 | $-497 |
| Newer Cars | State Farm | $1,419 | $1,747 | $-328 |
Read More: Cheapest Car Insurance
Affordable Full Coverage Car Insurance: Key Takeaways
Travelers offers the cheapest full coverage car insurance at $93 per month. GEICO is the second cheapest option at $121 monthly.
Nationwide provides the cheapest full coverage rate for young drivers and drivers with bad credit. State Farm is the most affordable option for drivers with speeding tickets and at-fault accidents. Progressive offers the best full coverage rate for drivers with a DUI on their driving record.
Balancing affordability with quality, State Farm is the best cheap full coverage car insurance company.
Cheapest Full Coverage Car Insurance by State
American Family offers the most affordable policies in 10 states. Travelers follows closely, offering the cheapest full coverage in seven states. Below, you can see rates for the cheapest full coverage car insurance providers by state:
| Alabama | Country Financial | $839 | $70 |
| Alaska | GEICO | $1,037 | $86 |
| Arizona | Root Insurance Company | $949 | $79 |
| Arkansas | Southern Farm Bureau | $1,047 | $87 |
| California | CSAA | $515 | $43 |
| Colorado | American National P&C | $1,012 | $84 |
| Connecticut | GEICO | $1,209 | $101 |
| Delaware | Travelers | $934 | $78 |
| District of Columbia | Erie | $1,428 | $119 |
| Florida | Travelers | $1,533 | $128 |
| Georgia | Country Financial | $1,087 | $91 |
| Hawaii | GEICO | $669 | $56 |
| Idaho | State Farm | $639 | $53 |
| Illinois | American Family | $775 | $65 |
| Indiana | American Family | $638 | $53 |
| Iowa | American Family | $771 | $64 |
| Kansas | American Family | $1,047 | $87 |
| Kentucky | Travelers | $1,125 | $94 |
| Louisiana | Louisiana Farm Bureau | $1,504 | $125 |
| Maine | Travelers | $692 | $58 |
| Maryland | Nationwide | $1,511 | $126 |
| Massachusetts | State Farm | $483 | $40 |
| Michigan | GEICO | $1,033 | $86 |
| Minnesota | American Family | $892 | $74 |
| Mississippi | Direct General Insurance | $991 | $83 |
| Missouri | American Family | $1,062 | $88 |
| Montana | State Farm | $758 | $63 |
| Nebraska | American National P&C | $663 | $55 |
| Nevada | Country Financial | $1,164 | $97 |
| New Hampshire | Hanover | $800 | $67 |
| New Jersey | Plymouth Rock Assurance | $1,211 | $101 |
| New Mexico | GEICO | $1,103 | $92 |
| New York | Progressive | $1,274 | $106 |
| North Carolina | Erie | $646 | $54 |
| North Dakota | American Family | $744 | $62 |
| Ohio | American Family | $505 | $42 |
| Oklahoma | GEICO | $1,084 | $90 |
| Oregon | Kemper | $775 | $65 |
| Pennsylvania | Travelers | $789 | $66 |
| Rhode Island | Travelers | $1,040 | $87 |
| South Carolina | American National P&C | $813 | $68 |
| South Dakota | American Family | $761 | $63 |
| Tennessee | Travelers | $1,005 | $84 |
| Texas | Texas Farm Bureau | $932 | $78 |
| Utah | Nationwide | $896 | $75 |
| Vermont | State Farm | $739 | $62 |
| Virginia | Virginia Farm Bureau | $811 | $68 |
| Washington | PEMCO | $765 | $64 |
| West Virginia | GEICO | $1,278 | $107 |
| Wisconsin | American Family | $677 | $56 |
| Wyoming | Farmers | $870 | $72 |
Read More: Car Insurance Rates by State
Cheapest Full Coverage Car Insurance by Age
Except in states like Hawaii and Massachusetts, where the practice is prohibited, age is a key factor for insurers when calculating premiums. Generally, teens and young drivers face the highest rates, while drivers in their 70s pay slightly more than average. Check the tables below for the cheapest total coverage rates by age.
Cheap Full Coverage Car Insurance for Young Drivers
With average rates of $174 per month, GEICO has the cheapest full coverage car insurance for young drivers ages 16–25 carrying an individual policy. For young drivers in the same age group on a family plan, the cheapest full coverage car insurance is from Nationwide and costs $220 per month on average:
| Travelers | $195 | -7% | $176 | -6% |
| State Farm | $180 | -15% | $186 | -1% |
| Progressive | $247 | 17% | $215 | 15% |
| Nationwide | $220 | 4% | $155 | -17% |
| GEICO | $174 | -18% | $161 | -14% |
| Farmers | $260 | 23% | $238 | 27% |
| Allstate | $202 | -5% | $180 | -4% |
FIND THE CHEAPEST CAR INSURANCE FOR TEENS AND YOUNG DRIVERS
Most teens under 18 can't legally purchase their own auto insurance policy without a parent or guardian to co-sign. If feasible, adding a younger driver (even if 18 or older) to a family plan is generally the cheapest option.
Read More: Cheapest Car Insurance for Teens
Cheapest Full Coverage Car Insurance for Seniors
Travelers offers the cheapest full coverage car insurance for senior drivers, averaging about $91 for a monthly premium. The table below shows the full list of providers offering cheap full coverage car insurance policies for senior drivers.
| Travelers | $91 | -14% |
| Nationwide | $95 | -11% |
| State Farm | $99 | -7% |
| GEICO | $100 | -6% |
| Progressive | $105 | -1% |
| Farmers | $124 | 17% |
| Allstate | $129 | 22% |
FIND THE CHEAPEST CAR INSURANCE FOR SENIOR DRIVERS
Often, discounts are the best way for drivers 55 and older to find the cheapest rates. Seniors may find discounts for homeowners, veterans and low-mileage drivers.
Read More: Car Insurance Discounts for Senior Citizens
Cheap Full Coverage Car Insurance for High-Risk Drivers
Drivers with speeding tickets, DUIs or accidents are often viewed by providers as risky to insure, which can lead to rate increases. To help drivers with these violations manage expensive premiums, we've included the cheapest full coverage options for high-risk drivers below:
Cheapest Full Coverage After a Speeding Ticket
With full coverage rates averaging $121 per month, State Farm offers the cheapest full coverage car insurance for drivers with a speeding ticket:
| State Farm | $121 | -12% |
| Travelers | $127 | -8% |
| Nationwide | $130 | -5% |
| GEICO | $134 | -3% |
| Progressive | $141 | 3% |
| Allstate | $148 | 8% |
| Farmers | $160 | 17% |
Cheapest Full Coverage Car Insurance With an Accident
State Farm offers the cheapest full coverage car insurance for drivers with an at-fault accident with average rates of $132 per month. The table below shows average full coverage rates from different providers for drivers after an at-fault accident:
| State Farm | $132 | -19% |
| Travelers | $136 | -17% |
| Nationwide | $157 | -4% |
| GEICO | $167 | 2% |
| Progressive | $175 | 7% |
| Allstate | $178 | 9% |
| Farmers | $197 | 21% |
Read More: Cheapest Car Insurance After an Accident
Cheap Full Coverage Car Insurance With a DUI
The cheapest provider for a driver with a DUI is Progressive, with average rates of $139 per month. Check the table below for a comparison of car insurance companies providing full coverage policies for drivers with DUIs:
| Progressive | $139 | -25% |
| State Farm | $147 | -20% |
| Travelers | $158 | -14% |
| Farmers | $176 | -5% |
| Allstate | $191 | 4% |
| Nationwide | $211 | 15% |
| GEICO | $267 | 45% |
Read More: Cheapest Car Insurance After a DUI
Cheapest Full Coverage Car Insurance for Bad Credit
Nationwide is the cheapest full coverage car insurance provider for drivers with poor credit, with rates averaging $139 per month. Travelers and GEICO also offer full coverage policies that are cheaper than average for drivers with poor credit:
| Nationwide | $139 | -28% |
| Travelers | $154 | -20% |
| GEICO | $171 | -11% |
| Farmers | $195 | 2% |
| Allstate | $195 | 2% |
| Progressive | $198 | 3% |
| State Farm | $294 | 53% |
MONEYGEEK EXPERT TIP
Insurance providers consider credit-based insurance scores when calculating car insurance rates in most states, except California, Hawaii, Massachusetts and Michigan. Drivers in states like New York, Arizona and Nebraska, on the other hand, could see their rates more than double.
Read More: Cheapest Car Insurance for Drivers With Bad Credit
Cheapest Full Coverage Car Insurance for Military and Veterans
With rates averaging $69 per month, USAA offers the cheapest full coverage car insurance for military drivers, veterans and their families. Travelers and GEICO are also worth considering based on military discount offerings available from the two companies:
| USAA | $69 | -34% |
| Travelers | $93 | -11% |
| GEICO | $101 | -3% |
| Nationwide | $103 | -1% |
| State Farm | $107 | 3% |
| Progressive | $109 | 4% |
| Farmers | $126 | 21% |
| Allstate | $126 | 21% |
What Cars Need Full Coverage Insurance?
Full coverage car insurance is generally required for financed or leased vehicles but may also be worth it for other cars. The combination of liability, collision and comprehensive coverage included in full coverage policies offers broad protection that's ideal for various high-value cars (i.e, newer, luxury, performance, import, classic and/or electric vehicles).
The sections below highlight the cheapest full coverage rates for newer and more expensive cars:
Cheapest Full Coverage Insurance for Expensive Cars
High-value vehicles like sports cars, luxury sedans and EVs are costly to repair or replace. While these vehicles are more expensive to insure, full coverage car insurance tends to be worth it more often. With average rates of $144 per month, State Farm has the cheapest full coverage car insurance for expensive vehicles:
| State Farm | $144 | -22% |
| GEICO | $155 | -17% |
| Nationwide | $162 | -13% |
| Travelers | $177 | -5% |
| Progressive | $188 | 1% |
| Allstate | $235 | 27% |
| Farmers | $240 | 29% |
Read More: Cheapest Car Insurance for Luxury Cars
Cheapest Full Coverage Car Insurance for Newer Cars
Full coverage car insurance is often required for newer vehicles that are financed. Even without financing, while every newer car isn't as costly to insure or replace as the vehicles in the previous table, full coverage may be worth it, depending on your financial situation. With average rates of $118 per month, State Farm has the cheapest car insurance for newer vehicles:
| State Farm | $118 | -19% |
| GEICO | $121 | -17% |
| Nationwide | $126 | -13% |
| Travelers | $134 | -8% |
| Progressive | $158 | 8% |
| Farmers | $179 | 23% |
| Allstate | $184 | 26% |
Read More: Insuring New Car Models
Best Cheap Full Coverage Car Insurance
It may not always be the best idea to go with the cheapest possible option for full coverage car insurance, as you could risk lower claims payouts or sub-par customer service. That said, we've highlighted companies offering both low full coverage rates and high MoneyGeek scores for coverage, claims and service.
With a balance of quality and affordability, State Farm takes the lead, while GEICO and Travelers are also well-balanced options:
Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
| State Farm | 88 | $883 |
| Travelers | 88 | $1,037 |
| GEICO | 88 | $936 |
| Nationwide | 87 | $930 |
| Progressive | 86 | $1,120 |
| Farmers | 86 | $1,192 |
| Allstate | 85 | $1,124 |
Read More: Best Car Insurance Companies
Full Coverage Car Insurance Buyers Guide
To ensure you get the best full coverage option for your needs, explore the following sections for guidance on choosing the right policy. This will help you find the balance between coverage and cost, tailored to your situation.
How to Get Cheap Full Coverage Car Insurance
Take the following steps to ensure you pay the lowest rate for your full coverage policy.
- 1
Review your coverage needs annually
As your life changes, so do your coverage needs. Make it a habit to review your policy annually to ensure you're still getting the best deal for the best full coverage policy. As a rule of thumb, you may be spending too much on car insurance if your annual premium exceeds 10% of your car's actual cash value. If so, first make sure you’re not paying for unnecessary coverages. To determine your coverage needs,, weigh the value of your car against factors like how much you drive and risks from theft or weather in your area.
- 2
Get quotes from multiple insurers
To get the cheapest full coverage car insurance, don't just stick with one provider. Compare quotes from several insurers to determine who offers the best rates for your needs. To ensure you'll get the coverage and service you're paying for, research customer satisfaction ratings and reviews as well as financial strength ratings to understand each company's reputation.
- 3
Ask about discounts
Don't overlook discounts you may be eligible for, as significant savings are available for various factors like having a good driving history, installing safety features in your car or military service. Before getting quotes, list every discount you may be eligible for. Then, ask each provider for their full list of car insurance discounts when shopping for coverage. If you have a policy, inquire with your current provider about available discounts. Many drivers save big by bundling multiple policies with multi-car policies or home and auto bundles.
- 4
Choose a different payment option or deductible
If you're happy with your full coverage policy and lower costs without sacrificing coverage, consider adjusting your payment options or deductible. Look into paying upfront, as some providers charge lower rates for customers who pay annually instead of monthly. You can also lower your premiums by increasing your deductible amount. Since this option means you'll have higher out-of-pocket claims costs, make sure to choose a deductible you can afford.
- 5
Maintain a good driving record
Providers tend to reward safe driving with lower rates. To minimize costs, avoid traffic violations like speeding tickets, DUIs, at-fault accidents, etc. If you get into an accident, you may avoid a premium surcharge with accident forgiveness coverage, but you must already have this on your policy at the time of the accident. For example, State Farm only offers this to customers with no at-fault accidents who've been with the company for at least nine years. If that's not an option, consider usage-based telematics programs that reward safe driving with lower rates.
Read More: How to Reduce Your Car Insurance Costs
How Much Should Full Coverage Car Insurance Cost?
On average, full coverage car insurance costs $1,296 per year. The cost you pay for full coverage car insurance depends on several factors like your age, location, driving record and coverage choices. When it comes to coverage choices, two factors that heavily influence the cost of full coverage car insurance are your liability limits and deductibles.
| 100/300/100,000 | $1,305 | $1,500 |
| 100/300/100,000 | $1,337 | $1,000 |
| 300/500/300,000 | $1,413 | $1,500 |
| 300/500/300,000 | $1,446 | $1,000 |
| 100/300/100,000 | $1,463 | $500 |
| 300/500/300,000 | $1,571 | $500 |
Read More: Average Cost of Car Insurance
Balancing coverage limits and deductibles is key to managing your costs effectively. On one hand, choosing higher liability limits provides greater protection but increases premiums. On the other hand, selecting a higher deductible can lower your monthly payments, though you'll pay more out-of-pocket in case of a claim.
How Much Full Coverage Car Insurance Do I Need?
When deciding how much full coverage insurance you need, consider your driving habits, vehicle usage and financial priorities. High-mileage drivers or those in areas with higher accident rates may benefit from more extensive coverage. Additionally, your personal assets and risk tolerance should influence how much protection you choose to ensure you're adequately covered in case of an incident.
Full Coverage Car Insurance Rates by Driver Profile
Below are the average full coverage rates for several driver profiles, which influence the average cost and need for full coverage car insurance:
| After a Speeding Ticket | $1,645 | 25% |
| After an Accident | $1,958 | 49% |
| Bad Credit | $2,308 | 76% |
| DUI | $2,211 | 69% |
| Expensive Cars | $2,230 | 70% |
| Military | $1,251 | -5% |
| Newer Cars | $1,747 | 33% |
| Seniors | $1,273 | -3% |
| Young Drivers | $2,247 | 71% |
Read More: How Much Insurance Do You Really Need?
Full Coverage Car Insurance Quotes
While average rate estimates and cheapest provider lists are helpful, the only way to accurately estimate how much full coverage car insurance will cost you is to get a car insurance quote. Getting quotes from multiple providers allows you to compare coverage options to find the cheapest full coverage car insurance policy. With Moneygeek, drivers can enter some basic information and receive full coverage car insurance quotes from multiple providers in minutes.
The Top Car Insurance Companies
Insurance Carrier
Avg. Estimated
Annual Premium
Read More: Car Insurance Calculator
What Does Full Coverage Car Insurance Cover?
Full coverage car insurance typically combines liability, collision and comprehensive insurance to offer more complete protection for your vehicle. It's often required for leased or financed cars but can benefit anyone seeking peace of mind on the road.
Insurance Coverage | What It Covers | What to Consider |
|---|---|---|
Covers costs for property damage or injuries to others if you're at fault in an accident. | Doesn't cover your own damages. State laws usually require this, but consider purchasing limits above the minimum for better protection. Leasing or financing may require additional coverage, like GAP insurance. | |
Comprehensive Coverage | Pays for repairs to your vehicle from non-collision events like theft, vandalism, fire, weather or animal damage. | Optional unless required by a lender. Ideal if you live in high-risk areas for theft or natural disasters. Not related to collisions. |
Collision Coverage | Covers repairs to your vehicle if it's damaged in a collision with another vehicle or object, or from an at-fault accident. | Also optional but often required for financed cars. It includes at-fault accidents and pothole damage but excludes commercial use. |
Read More: Full Coverage Car Insurance Explained
What Does Full Coverage Car Insurance Not Cover?
Full coverage auto insurance generally provides extensive protection, but it does have certain limitations. It typically does not include coverage for the following:
Personal injuries
Unless you have Personal Injury Protection (PIP) or Medical Payments (MedPay) coverage, your own medical expenses after an accident won't be covered.
Damage from wear and tear
Normal wear and tear or depreciation of your car isn't covered. This includes issues like worn-out tires, faded paint or aging mechanical parts.
Mechanical breakdowns
Full coverage doesn't cover repairs for mechanical failures or breakdowns. You'll need a separate mechanical breakdown insurance policy or extended warranty for that.
Commercial use
If you use your vehicle for business purposes, like ridesharing or delivery services, your full coverage policy won't apply. You'll need a commercial auto insurance policy to cover your vehicle while working.
Vehicle customization or accessories
Aftermarket modifications or accessories like custom paint jobs, stereo systems or spoilers may not be covered under full coverage. You might need additional coverage for these items.
Pet injuries
Your full coverage policy won't typically cover injuries to your pets in an accident. You can usually add a pet injury rider to your policy for an extra fee.
Full Coverage Car Insurance Add-On Options
Full coverage car insurance policies are often flexible, offering a variety of add-on coverages and allowing you to select deductibles that fit your budget. Depending on the car insurance provider, you can add these coverages to your policy for an additional cost:
Add-On Coverage | Description |
|---|---|
Covers medical expenses and lost wages for you and your passengers, regardless of fault, often required in no-fault states. | |
Provides help with services like towing, fuel delivery and tire changes if your car breaks down or you’re stranded. | |
Pays for medical and funeral expenses for you and your passengers after an accident, regardless of fault, supplementing health insurance. | |
This covers your expenses if you're in an accident with a driver who has no insurance or insufficient coverage. | |
Covers the cost of a rental car while your vehicle is being repaired due to a covered accident. | |
Covers the cost of basic roadside services like tire changes, jump-starts and towing. | |
Covers the difference between the car's actual cash value and the amount you owe on the loan if your car is totaled. | |
Prevents your rates from increasing after your first at-fault accident. | |
Provides coverage for drivers who use their personal vehicles for ridesharing services like Uber or Lyft. | |
If your new car is totaled in an accident, this coverage provides you with the funds to purchase a brand-new car of the same make and model, rather than just the depreciated value of your totaled car. | |
Better Car Replacement | This coverage offers you a car that is one model year newer and has fewer miles than your totaled car, giving you a better replacement option. |
Mechanical Breakdown Insurance | This coverage ensures that any replacement parts used for repairs on your vehicle are original equipment from the manufacturer rather than aftermarket parts. |
Why Is Full Coverage Insurance So Expensive?
Full coverage car insurance is more expensive than state minimum coverage because it includes comprehensive and collision protections, covering damages to your own vehicle from accidents, theft or natural disasters. In contrast, state minimum coverage only covers liability for damage or injury you cause to others. Full coverage offers broader financial protection but comes with higher premiums due to increased coverage scope and additional factors like vehicle value and deductible choice.
Factors That Affect the Cost of Full Coverage Car Insurance
Below are the factors that determine how much your individual rate will cost for a full coverage car insurance policy:
Vehicle Model and Age
Gender
Liability Limits
Driving Record
Driver Age and Experience
Location
Credit History
Previous Claims
Deductible Amount
State Laws
Sources:
https://www.moneygeek.com/insurance/auto/what-is-the-average-cost-of-car-insurance-month-year/
Read More: Why Car Insurance Is So Expensive
Full Coverage vs. Liability Cost Difference
On average, full coverage car insurance costs $701 per year more than liability-only car insurance, with annual full coverage rates averaging $1,296 per year and annual liability-only rates averaging $595 per year. Depending on the provider, the difference in annual rates between full coverage and liability-only coverage can range from $546 to $834 per year:
| Allstate | $684 | $1,518 | $834 |
| Farmers | $794 | $1,515 | $721 |
| GEICO | $664 | $1,210 | $546 |
| Nationwide | $587 | $1,234 | $647 |
| Progressive | $753 | $1,306 | $554 |
| State Farm | $719 | $1,289 | $570 |
| Travelers | $557 | $1,110 | $554 |
Read More: Liability vs. Full Coverage Car Insurance
Should I Buy Full Coverage Auto Insurance?
Experts recommend full coverage unless your car's actual cash value (ACV) is low. You shouldn't pay more in premiums than the car's worth, as some add-ons may exceed repair costs. Use resources like Kelley Blue Book to assess your vehicle's value. If insurance costs are too high compared to its value, especially for older cars, liability-only might suffice. If you can afford repairs or replacement out-of-pocket, full coverage may not be necessary.
When to Get Full Coverage Auto Insurance
Full coverage provides valuable financial protection against accidents and unexpected events. In addition to full coverage car insurance being required for many financed or leased vehicles, you may want to consider purchasing full coverage if you have a newer, more expensive vehicle. It may also be worth it if you drive frequently or live in a high-risk area for theft or weather-related damage. We've included the full list of reasons to purchase full coverage car insurance in the list below:
You're financing or leasing your car
Most lenders require full coverage to protect their investment. Meets lender requirements and saves you from paying off the remaining balance on a totaled car.
You drive a new or expensive car
Full coverage car insurance saves you from high out-of-pocket costs for repairs or replacement of a new or high-value vehicle
You drive your car every day or rely on it for commuting
If you're on the road frequently and face a higher chance of accidents, full coverage car insurance enhances your financial protection by covering a broader range of risks.
You live in a high-risk area for theft or bad weather
Since full coverage insurance reimburses you for the value of your stolen or damaged car, it eliminates the need to repair or replace it yourself.
Read More: Do You Need Full Coverage on a Used Car?
When to Drop Full Coverage Auto Insurance
You should consider dropping full coverage when your car's value has significantly depreciated and the cost of coverage outweighs its benefits. For example, if your car is worth less than the premiums and deductible combined, it may not be financially beneficial to keep full coverage. Older vehicles that can be replaced easily without heavy financial strain are good candidates for liability-only coverage.
Read More: Cheapest Liability-Only Car Insurance
Cheap Full Coverage Auto Insurance: Bottom Line
While full coverage offers essential protection for your vehicle, premiums can be high, especially for certain driver profiles like young or high-risk drivers. For drivers that need or are required to carry the additional coverage, finding a cheap full coverage policy is crucial for balancing protection and affordability. In this article, we highlighted the cheapest full coverage car insurance rates across several driver categories, compared full coverage car insurance costs and analyzed when it's preferable to purchase full coverage or minimum liability coverage.
Full Coverage Car Insurance: FAQ
Below are some common questions about full coverage car insurance:
Who has the cheapest full coverage car insurance?
MoneyGeek's data finds that Travelers has the cheapest full coverage insurance in most states with an average cost of $93 per month, followed closely by GEICO at $101 per month.
How can I save on full coverage car insurance?
To save on full coverage car insurance, compare quotes from multiple insurers, raise your deductible and explore discounts for bundling policies, safe driving, or low mileage. Tailoring coverage to your needs can also lower premiums.
How can I save money on full coverage car insurance after a DUI?
To save money on full coverage car insurance after a DUI, compare quotes from multiple insurers, take defensive driving courses for possible discounts and consider higher deductibles. Maintaining a clean record over time can also lower your premiums as the violation ages.
How can teenagers find the cheapest full coverage car insurance?
Adding a young driver to a family policy is often much cheaper than getting an individual policy for the teen.This approach can significantly lower premiums while providing the necessary coverage for a young driver.
How can I save on full coverage car insurance after an accident?
To save on full coverage car insurance after an accident, consider increasing your deductible, taking a defensive driving course for discounts or exploring pay-per-mile insurance. Additionally, inquire about other discounts like those for safe driving or car safety features. If standard insurers are too costly, consider non-standard insurance companies specializing in high-risk drivers.
How can I save on full coverage car insurance after a ticket?
If your insurer raises rates after a ticket, you can still find affordable coverage by comparing quotes from at least three companies and asking about discounts like bundling or good student discounts. Consider accident forgiveness if available and maintain a clean driving record to lower rates over time. Defensive driving courses may also help reduce points in some states.
How often should I review my full coverage car insurance policy?
It's advisable to review your policy and shop around for quotes annually to ensure you're still getting the most robust coverage for the best price, especially as your life circumstances and coverage needs change.
Is full coverage better than liability-only car insurance?
Full coverage offers more comprehensive financial protection, covering not just the other driver's expenses in an at-fault accident, but also your own vehicle's damages and other potential risks. Liability-only insurance is generally cheaper but offers limited protection, covering only the other driver's expenses if you're at fault in an accident.
Which company offers the best full coverage car insurance?
State Farm, the largest U.S. auto insurer, operates in 48 states and Washington, D.C., offering competitive rates and comprehensive coverage options like rental car reimbursement and roadside assistance. It excels in customer satisfaction, scoring 877 in a J.D. Power survey, above the industry average. State Farm provides a variety of discounts, including multi-vehicle and home-auto bundles, making it a popular choice for various driver profiles.
How much cheaper is liability vs. full coverage?
According to MoneyGeek data comparing liability-only and full coverage policies:
- The average cost of a liability-only policy is $595, and the average cost of full coverage is $1,296, a difference of $701.
- However, the cheapest liability-only coverage can be as low as $506, compared to the cheapest full coverage policy of $1,110, a difference of $604.
Should I have full coverage on a paid-off car?
Full coverage is the best way to financially protect yourself and your vehicle in the event of an accident or damage to your car. Once you own your car, you may choose to lower your insurance premium by dropping full coverage. However, you should take into account if you are ready to cover the cost of damage, repair and medical bills that you might encounter if you drop your policy and get into an at-fault accident. Usually, you only want to drop full coverage when your car value is very low.
Is full coverage car insurance cheaper for older cars?
Yes, full coverage car insurance is usually cheaper for older cars because they have a lower market value, which reduces the insurer’s potential payout in case of damage or theft. As a car ages, its depreciation lowers repair or replacement costs, leading to reduced premiums for comprehensive and collision coverage. However, it’s important to assess whether full coverage is still worth the cost for very old cars, as liability-only coverage may be more cost-effective.
Do I need full coverage car insurance?
If you lease or finance your vehicle, full coverage is typically required by the lender. If you own your car outright, comprehensive and collision coverage aren’t mandatory, but they’re recommended for valuable vehicles. For older cars, consider dropping full coverage if the premium and deductible exceed the car’s value.
How long should you keep full coverage on a car?
If your policy payment is lower than 10% of the value of your car, you may choose to purchase or keep a full coverage policy. However, there are other factors to consider when determining if a full coverage policy is right for you.
Is comprehensive insurance the same as full coverage?
No. Comprehensive insurance alone covers damages to a car that did not occur from an accident. This may include damage from fire, extreme weather events, vandalism or theft. In most cases, full coverage includes comprehensive insurance as well as collision insurance.
What qualifies as a full coverage policy?
Not every insurer will define full coverage the same way. But it usually refers to policies that add comprehensive and collision insurance to the minimum liability insurance requirements mandated by your state. Comprehensive and collision insurance protects you against the cost of damages to your vehicle, on and off the road. Liability insurance protects you against the cost of damages to others when you’re at fault.
Does full coverage cover everyone?
Full coverage typically covers the policyholder and any other drivers listed on the policy. However, it may not extend to other drivers who use your car occasionally but are not listed on the policy. Always check your policy's details to understand who is covered.
Full Coverage Car Insurance Companies: Our Review Methodology
Data Depth and Overview
Overall, MoneyGeek analyzed 2,474,515 quotes, from 607 companies, across 3,523 ZIP codes to determine the cheapest full coverage car insurance for drivers of various profiles and needs.
Driver Profiles
To find the cheapest full coverage car insurance MoneyGeek created an average driver profile to collect rates from insurers. This profile includes the following characteristics:
- 25-year-old male
- Clean driving record
- 2012 Toyota Camry LE
- 12K miles driven annually
To collect data on rates for specific driver characteristics, the average driver profile was modified by geographic location, age, credit score and driving history — such as adding a ticket, a DUI or an accident — to the standard driver profile.
Defining Full Coverage
Unless specifically indicated, when MoneyGeek makes a recommendation about the cheapest full coverage company and respective premium on this page, we are referencing a 100/300/100 policy. This is shorthand for:
- $100,000 in bodily injury liability coverage per person
- $300,000 in bodily injury liability coverage per accident
- $100,000 in property damage liability coverage per accident
- Comprehensive and collision coverage with a $1,000 deductible
Learn more about full coverage.
Learn more about state minimum coverage requirements.
How We Ranked Best Providers for Affordability
MoneyGeek used sources such as AM Best, J.D. Power, the Crash Network report card and quote data from Quadrant Information Services and state insurance departments to determine the best affordable car insurance providers. To create a score for each insurer, MoneyGeek created a weighted ranking system using the following weights:
- Financial Stability: 5%
- Customer Satisfaction: 25%
- Claim Satisfaction Claims Score: 20%
- Coverage Offerings Score: 10%
- Affordability: 40%
Car insurance rates presented are based on data collected two months ago.
Learn more about MoneyGeek's auto insurance methodology.
Loading...
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Insurance Institute for Highway Safety. "Fatality Facts 2022: Older people." Accessed November 20, 2024.
- Insurance Information Institute. "Background On: Credit Scoring." Accessed November 20, 2024.
- National Highway Traffic Safety Administration. "Drunk Driving." Accessed November 20, 2024.
- National Highway Traffic Safety Administration. "Speeding." Accessed November 20, 2024.
- National Safety Council. "Deaths and Death Rates by Type of Crash and Victim Age, United States, 2020." Accessed November 20, 2024.
- World Health Organization. "Road Traffic Injuries." Accessed November 20, 2024.
- J.D. Power. "Auto Insurance Shopping and Switch Rates Reach New Highs as Premiums Surge, J.D. Power Finds." Accessed November 20, 2024.