What is ‘full-coverage’?
The idea of "full coverage" auto insurance where you have total protection for your car or truck would be great. But what does "full coverage" actually mean for car insurance?
To start, there's no standard definition of "full coverage" for car insurance. Car insurance isn't a one-size-fits-all purchase and a car insurance policy should be customized to fit your needs. There are limits you are required to carry by the state and possibly by your financial institution providing the loan or lease on your vehicle, along with several optional limits that protect you and your family in the event of an accident. Based on your situation, your version of full coverage insurance may differ from someone else's.
What coverages make up an auto insurance policy?
Auto insurance policies have state-specific requirements, which include limits you're legally required to carry. In Ohio, the following limits are the minimums required by the state of Ohio to legally operate a motor vehicle:
Bodily injury liability coverage: $25,000 per person and $50,000 per accident
Property damage liability coverage: $25,000 per accident
We are responsible for paying for an uncapped and unlimited amount of medical bills, loss wages, and a pain & suffering settlement if we hurt someone in a car accident. These state minimum limits have been increased slowly over time as the cost of medical care and vehicles has risen. However, 1 in 10 accidents where the at-fault driver carries these limits the coverage is not enough to pay for all the damages they have caused. So, even someone who thinks they have 'full coverage' could find themselves paying a portion of the claim when their insurance policy stops paying!
Comprehensive Coverage: Pays for any damage to your vehicle from theft, fire, vandalism, glass breakage, hitting an animal, flying objects, wind, or hail (storm damage).
Collision Coverage: Damage to your vehicle from collision with another vehicle, with an object such as a fence, single car rollover accidents, and hit and run incidents.
Both of theses are subject to deductible: The higher your deductible, the lower your cost for the coverage and vice versa.
How can I customize my car insurance policy to best meet my needs?
We encourage everyone to customize a policy that works best for you and your family! Depending on the age of your vehicle, how much you drive, your driving record, and so much more, we will create a plan that fits you and your budget. Call or email us today to find out what options could work best for you!