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Why is full coverage of car insurance expensive? [VIDEO]

  • Auto Insurance
  • Xavier Sabastian
  • 3 minutes

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Every time you pay your car insurance premium you’re likely to do it with a heavy heart. It’s hard to pay for an accident that hasn’t happened yet, and it may never happen. In other words, the insurance provider will cover most of the bills. 

When you pay for benefits, it’s kind of like making a bet. You’re betting that you could get into an accident at some point when the insurance company is making a lot of bookings and betting that most people won’t have accidents. When one of you has an injury, the pooled money of anyone who has insurance in your business will come to the rescue. 

why is full coverage of car insurance is expensive

Full-coverage car insurance usually includes liability, comprehensive, and collision coverage. If you are in an accident, collision and comprehensive insurance will protect you and your car. Liability will compensate you for any harm you may cause to others.

Full coverage is always expensive
Shelling out money for full coverage

What is full coverage car insurance?

Why is full coverage car insurance expensive?

Have you always wondered why full car insurance coverage is so expensive? We’re going to break down for you what dictates the cost and why full coverage is more costly. 

Currently, there is no “full coverage” car insurance policy. This is industry jargon, which means that the customer has all three primary auto coverage: liability, collision, and comprehensive coverage. All three forms of policies that work together are referred to as ‘full coverage.’ They are all subject to deductibles and limits that you can increase or lower. This is to match the risk with what premiums you are prepared to pay. Although state laws only mandate liability insurance, if your vehicle is funded by a loan, you would be expected to have this coverage. Even if you paid off your vehicle in full, if your car is worth money and you have properties to protect, your best bet is complete insurance coverage. 

What’s the full coverage worth, besides the money? It’s worth your peace of mind. Knowing that you have the best offer makes it a little easier to pay the car insurance bill. That’s why it’s essential to shop for the best price. Stay abreast of the factors influencing your insurance premiums’ cost. 

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Check out our blogs for info on finding top-rated airport parking, the best parking spots in your city, and affordable car washes near you.


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