Full coverage insurance on a new car is about $2,000 per year, on average. While the newness of a car is not the primary factor in determining how much insurance costs, having a new car could increase premiums by an average of 5%-33% according to third-party sources.
The cost of full coverage insurance is more dependent on factors like state insurance requirements and the age of the primary driver. In fact, premiums can vary by as much as 318% between states because the minimum requirements differ so significantly. Further, premiums can also vary by up to 367% depending on a driver’s age.
With this in mind, it’s important to research multiple full coverage offers to get the best rate possible. Fortunately, WalletHub can help you get started with your search. Below are the 10 cheapest full coverage car insurance companies available right now.
Full coverage car insurance usually includes collision and comprehensive insurance alongside any state-mandated coverage. As such, full coverage may cover bodily injury, property damage, uninsured motorist, PIP, collision and comprehensive claims.
What Common Components of Full Coverage Car Insurance Cover
Injuries to the policyholder after an accident regardless of who was at fault
Since some states require more types of coverage than others, the exact standards for “full coverage” insurance differ. Most states require all drivers to have a minimum amount of liability insurance, but some states have requirements for personal injury protection or MedPay, too. Some also require a specified amount of uninsured/underinsured motorist coverage.
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