Explaining Full Coverage Insurance In Dallas
Full coverage insurance is a confusing term and it may not mean what you think. Let’s take a look at what full coverage means, what it includes (and does not include), and why you might need to have it. We’ll also give you some tips on where to find the best prices in Dallas for full coverage insurance.
What Does The Term Full Coverage Mean?
You may be surprised to learn that “full coverage” isn’t an actual insurance term. Instead, it’s kind of a slang term for minimum liability, plus both collision and comprehensive coverage at the same time. If you have all of these bundled together, it will be referred to as “full coverage.” Here are the three types of insurance broken down.
Minimum Liability - State mandated minimum coverage that pays out to the other party if you cause an accident. You must carry the state minimum liability coverage in order to obtain or renew your driver’s license and to legally drive. Failure to keep this policy in good standing can result in fines and loss of your driver’s license.
Collision Coverage - Elective coverage that helps cover your own expenses when you cause an accident.
Comprehensive Coverage - This coverage helps you pay expenses related to damage or theft that did not result from a collision. For example, hail damage to the body of the car after a bad storm.
If you purchased your car with financial help from a bank, the lien holder will require you to take out full-coverage to protect their investment. It benefits you as well because without it you will be on the hook for paying 100 percent of these costs out of pocket.
What Is Typically Excluded From Full Coverage?
Full coverage might be a bit misleading of a term, as it doesn’t actually cover everything that could happen. Full coverage typically does not include roadside assistance, rental reimbursement, medical payments, gap insurance, or additional equipment coverage. You’ll need to check your declarations pages to see, in detail, what is covered with your policy.
How Can You Get The Best Rates On Full Coverage Car Insurance?
For good drivers looking for full coverage auto insurance, here are some of your cheapest bets. To get a custom quote, you’ll have to provide some specific personal information to the company you are interested in.
According to NerdWallet, these are the average prices in Dallas for full coverage in cases where there is a clean driving record:
Texas Farm Bureau: $1,041 annual (membership and dues required)
GEICO: $1,207 annual
Republic Group: $1,351 annual
Auto Club of SoCal: $1,478 annual
State Farm: $1,610 annual
To lower your monthly cost you can elect to have a higher deductible. The higher your deductible, the more you have to pay out of pocket if there is an accident but the less you have to pay monthly in premiums. For more information on full coverage auto insurance, you can check out this page. This is a great portal for customers to get custom quotes for car insurance and get the best deals available to Dallas drivers.
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