If a driver wants to ensure that their assets and financial well-being are protected in the event of a serious car accident, they need full coverage auto insurance. There is no other alternative that is capable of offering the same level of security and peace of mind.
Not all drivers are aware of the risk they are taking when they get behind the wheel. Should something happen to go very wrong and they are responsible for a car accident with serious injuries and extensive property damage, without full coverage car insurance they will be liable for substantial amounts of money, more than the average person has at their disposal. An event such as this can wreak havoc on their entire financial situation, jeopardizing their bank accounts, properties and investments. However, such unfortunate events can be avoided with the help of full coverage insurance.
Protections Against an At-Fault Accident
If you are the cause of an accident, a standard auto insurance policy will only pay for damages inflicted on the other driver’s car and their passengers. Oftentimes this is not enough: additional property can be damaged, including your car. In addition, if your passengers are injured and require medical care you will be liable for that as well. In these cases, a normal insurance policy leaves it up to the driver to cover these extra costs, but a full coverage policy will pay for medical bills, property damage and vehicle damage caused to all cars involved in the accident. Furthermore, it also pays for lawyer fees should the case need to go to court.
Protections Against Acts of Nature
Beyond car accidents, there are more ways full coverage car insurance can protect your assets. Acts of vandalism and other non-collision events such as acts of nature, fires, floods and additional events deemed as “Acts of God”, like falling tree branches, are also covered in a typical full coverage insurance policy.
Protections Against Theft
Another important benefit of full coverage insurance is theft protection. Not only does theft protection help you recoup your loss if your car is stolen, but it can also be applied to items you’ve left in the car that are stolen. If you have a full coverage policy, you can opt to insure items that are in your car for a certain amount (for example $5,000 or $10,000) and the insurance company will pay the fair market value of any items stolen from your vehicle up until that limit.
Protection Against Car Rental Costs
Free car rental is also a great benefit that is included in most full coverage policies. This might seem like a minor thing at first, but many people rely on their cars on a daily basis, whether this is for getting to work, picking up the kids from school or just getting groceries. If your vehicle is in the shop for repairs, you might have to wait days or even weeks before you get it back. Renting a car for this long of a period can get pricy, so having access to a free rental car can save quite a bit of money.
In the end, causing an accident or being the victim of theft or vandalism are not things anybody expects, but the reality is these things can happen. When they do, it is important for a driver to have access to the protections and funds that an insurance company can provide.
Unfortunately, a full coverage car insurance policy costs substantially more than a standard insurance policy, so it’s always a good idea to compare prices before you commit to an investment as substantial as this. Websites like InsuranceHotline.com or CheapFullCoverageAutoInsurance.com are good examples of sites that can help you create and compare quotes for standard and full coverage insurance policies. Once you see what the real difference in price is, you might decide the benefits of a full coverage policy are well worth paying for.