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Understanding Full Coverage Car Insurance

What Does Full Coverage Car Insurance Cover?

Full coverage car insurance is a term that generally includes liability, comprehensive, and collision insurance. While insurers don’t offer a specific “full coverage” option, drivers can build a comprehensive policy by adding various types of coverage. Here’s what a typical full coverage policy includes:

• Liability Coverage: Covers the cost of injuries to others if you cause an accident. Most states require a minimum amount of liability insurance.
• Comprehensive Coverage: Covers damage to your car that isn’t caused by an accident, such as weather events, vandalism, and theft.
• Collision Coverage: Pays to replace or repair your car after a collision you caused.

Extra Coverage You Can Add to Your Policy

Beyond the basics, you can add extra coverage to enhance your protection. Here are some additional options:

• Uninsured/Underinsured Motorist Coverage: Protects you if you or your passengers are injured in an accident caused by an uninsured or underinsured driver.
• Personal Injury Protection (PIP) Coverage: Covers accident-related medical expenses for you and your passengers, regardless of who’s at fault.
• Roadside Assistance: Helps with lockouts, towing, and more if you’re stranded.
• Rental Car Reimbursement: Covers the cost of a rental car if your car is in the shop.
• Gap Coverage: Covers the difference between your car’s value and your outstanding car loan if your vehicle is totaled.
• Car Repair Insurance: Covers issues like transmission problems or engine issues, subject to policy conditions.

Pros and Cons of Full Coverage Car Insurance

Pros

• Better Protection: Offers more robust protection and can reduce out-of-pocket costs.
• Medical Expense Coverage: PIP coverage can cover medical bills if you or your passengers are hurt in an accident.
• Convenience: Perks like roadside assistance and rental car reimbursement can make life easier.

Cons

• Higher Cost: Additional coverage increases your insurance premium.
• Potentially Unnecessary: You may end up paying for coverage you never use.
• Limitations: Some situations may not be covered, such as normal wear and tear.

Do I Need Full Coverage Car Insurance?

Each state has different car insurance requirements, but almost all require liability coverage. Consider your situation when deciding if full coverage is right for you:

• If You’re Leasing: Lessors often require comprehensive and collision insurance, gap protection, and higher liability limits.
• If You Have an Auto Loan: Lenders typically require full coverage, including comprehensive and collision insurance.
• If You Own Your Car Outright: You only need the coverage required by your state, but experts recommend carrying at least 100/300/100 liability coverage.

Contact O1ne Mortgage for Your Mortgage Needs

At O1ne Mortgage, we are dedicated to providing you with the best mortgage services. If you have any questions or need assistance, please call us at 213-732-3074. Our team of experts is here to help you with all your mortgage needs.

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