Cheap Full Coverage Car Insurance Companies
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Whether you’ve just driven your car off the lot or had your vehicle for several years, all drivers need to decide how much coverage they need.
Knowing whether full coverage insurance is the right choice for you can be challenging. While most companies offer full coverage insurance, it will always cost more than the standard state minimum insurance where you live.
If you feel that full coverage insurance is the right fit for your situation or if it’s required through your lender, you’ll want to find cheap full coverage insurance to avoid overpaying.
- Full coverage insurance includes liability, comprehensive, and collision coverage
- Drivers with leased or financed vehicles are required to purchase full coverage insurance
- You can reduce the cost of full coverage insurance by examining your coverage limits, increasing your deductible, searching for discounts, and comparing insurance rates
9 Cheap Car Insurance Companies for Full Coverage Insurance
How much can you expect to pay for full coverage insurance? To help you out, we’ve analyzed dozens of companies to find the cheapest auto insurance companies offering full coverage policies.
For these rates, the data is based on a sample driver who owns a Honda Accord with one driver and one vehicle on the car insurance policy. They have state-required coverage for bodily injury, property damage, and comprehensive/collision insurance.
#9. Farmers Automobile Insurance Association
Average Annual Premium: $2,050
With decades of experience, the Farmers Automobile Insurance Association is known for providing high-quality auto insurance to customers. With an A- rating from AM Best, it’s safe to say that customers are happy with their full coverage insurance from Farmers.
#8. Allied Property & Casualty Insurance Company
Average Annual Premium: $2,008
If you haven’t heard of Allied Insurance, chances are you’ve heard of Nationwide. The two companies merged in 1998, leaving no doubt that Allied is a trusted insurance company.
#7. CIG Insurance
Average Annual Premium: $1,999
CIG Insurance offers coverage to drivers living in the western United States. It provides coverage in Arizona, California, Nevada, Oregon, and Washington. In addition, CIG lets drivers customize their policy and bundle home or renter’s insurance to enjoy further savings. It also rewards discounts to drivers with clean driving records or those who take defensive driving courses.
#6. MMG Insurance
Annual Premium: $1,928
Headquartered in Maine, the Maine Mutual Group provides auto insurance to drivers in Maine, New Hampshire, Vermont, Pennsylvania, and Virginia. It helps to further reduce rates with various discounts and unique offerings like the Driver Advantage Plan. MMG Insurance also has a reputation for superior customer service with hundreds of local independent agents across the states.
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#5. IMT Insurance
Average Annual Premium – $1,925
IMT Insurance is only available in six states – Iowa, Illinois, Minnesota, Nebraska, South Dakota, and Wisconsin. However, they provide a wide variety of insurance options to its drivers. IMT stands out from the competition by including many coverages that other insurers would charge extra for at no additional charge. This includes enhanced coverages for pet injuries, glass repair, and identity recovery.
#4. Farmers Mutual
Average Annual Premium: $1,773
Farmers Mutual of Nebraska started from humble beginnings. Nebraska farmers came together to provide affordable insurance across the state. Today, drivers across Nebraska and South Dakota can enjoy cheap insurance from local, independent agents.
While insured by Farmers you can enjoy savings on a full coverage policy with discounts like the multi-policy discount, good student discount, driver training discount, or safety feature discount. On top of the standard full coverage policy, Farmers Mutual also allows drivers to purchase MedPay and uninsured/underinsured coverage.
#3. Integrity Insurance
Average Annual Premium: $1,493
Integrity Insurance has been around since the early 1930s. Its auto insurance sells through a network of local independent agents to drivers in Iowa, Minnesota, and Wisconsin.
Drivers enjoy the discounts Integrity offers to save money on full coverage insurance, such as multi-policy and paid-in-full discounts. Integrity also allows drivers to purchase extra coverage like new car replacement and uninsured motorist coverage.
#2. American National Insurance Company
Average Annual Premium: $1,477
Founded in the early 1900s, the American National Insurance Company offers its customers a wide variety of insurance products. Available nationwide, drivers in all 50 states can enjoy additional perks like gap insurance on top of their standard full coverage insurance policy.
Drivers can also save by bundling their auto insurance with home, life, or renter’s insurance from American National. You can pay an annual premium of around $1,447 for full coverage insurance.
#1. Concord Group Insurance
Annual Premium: $1,223
With an A+ rating by AM Best, Concord Group’s cheap full-coverage insurance has a reputation that precedes itself. Known for its excellent claims handling, this New Hampshire-based insurance company has over 600 insurance agents available to customers right when they need them.
While the headquarters are in Concord, NH, drivers in Maine, Massachusetts, and Vermont can purchase full coverage insurance from the Concord Group.
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What is Full Coverage Car Insurance?
While there isn’t a set definition for full coverage car insurance, it generally consists of these types of coverage:
- Liability coverage: Liability insurance protects you from being held liable for property damage or bodily injury to others if you’re at-fault in an accident
- Collision coverage: Pays for damage to your vehicle that results from an accident with another vehicle or object
- Comprehensive coverage: Helps pay for damage to your vehicle that results from animals, fire, severe weather, or vandalism and theft
What Doesn’t Full Coverage Auto Insurance Include?
Although the term full coverage may have you believe that it has you covered in every situation, this isn’t the case. It only refers to policies that include both collision and comprehensive coverage. If you feel this isn’t enough, you might consider expanding your coverage limits.
You can also consider purchasing any of the following coverage options to cover all your financial bases:
- Personal Injury Protection
- Gap Insurance
- Roadside Assistance
- Rental Car Reimbursement Coverage
- Medical Expenses Coverage
- Uninsured/Underinsured Motorist
- New Car Replacement Coverage
Is Full Coverage Car Insurance Required?
Full coverage car insurance is not a requirement for the average driver. Since most drivers own their cars outright, they can decide how much coverage they want to purchase.
However, if your car has financing, your lender will require you to purchase full coverage to protect their investment.
How to Know if Full Coverage Insurance is Right for You
Although full coverage insurance may seem like a great investment, don’t rush to change your insurance policy. There are a few factors you need to think about before deciding to add full coverage to your insurance policy.
If you’re wondering if full coverage insurance is right for you, consider the following questions:
- What is the value of your car? Take time to think about your vehicle’s value vs. the current insurance cost. For example, if your car is only worth $3,500, you might be willing to risk losing it by saving $900 a year in premiums. On the other hand, if your car is worth $10,000, paying more in premiums might be worth it.
- How old is your car? The age of your car also plays a role in determining whether or not to choose full coverage insurance. The older your car, the less it will be worth. However, maintaining full coverage is worth protecting your investment if your car is a collectible or a classic car.
- What is your current risk tolerance? If you’re thinking about adding or dropping full coverage insurance, consider your current risk tolerance. If your car is stolen or vandalized, will you be okay paying for the related expenses out-of-pocket?
- Can you afford to replace or repair your car if it’s stolen or damaged? What is your current financial situation? Can you pay the cost of replacing or repairing your car out-of-pocket if it’s stolen or damaged? If the answer to these questions is no, perhaps full coverage is the right choice for you.
Factors That Impact the Cost of Full Coverage Insurance
When shopping for full coverage insurance, insurance companies will require you to answer questions to give you an accurate quote. It’s best to gather the information you’ll need to advance these questions.
Your age significantly impacts how much you pay for auto insurance. While the insurance cost can vary from driver to driver, young adult and teen drivers generally see higher rates.
According to the National Highway Traffic Safety Administration, young drivers had the second-highest number of accidents in 2021. Since younger drivers are more likely to be involved in accidents and traffic incidents than other drivers, insurance companies view them as high-risk drivers.
Drivers will also see insurance rates rise as they reach retirement age. The increase in monthly premiums is due to older drivers having slower reaction times and worsening vision.
In many states, your gender plays a role in calculating car insurance rates. Men will generally see higher insurance costs than women, especially under 25. However, in California, Hawaii, Massachusetts, Michigan, North Carolina, and Pennsylvania, insurance providers are not allowed to use gender when determining rates.
Your credit score isn’t only important when securing a car loan. Many auto insurance companies consider your credit score when you request a car insurance quote.
They use your score to predict future behavior, such as how prone you are to file a claim in the future. Studies show that drivers with lower credit scores are more likely to file claims than drivers with high scores. As a result, drivers with low credit scores can expect to see higher annual premiums.
Where you live also directly impacts how much you pay for car insurance. The state you live in, the city, and even the zip code you reside in all play a part in your cost of car insurance.
For example, a driver who lives in an urban area with lots of traffic and crime will see higher rates than a driver in a rural area with low crime rates. You might even pay more for auto insurance if you live in an area prone to severe weather conditions that can damage your car.
Insurance companies will look at your driving record when determining your insurance premiums. They’ll be interested in how many traffic incidents, accidents, or tickets you’ve received in the past.
Drivers with clean driving records will almost always pay less than drivers with spotty records, but this doesn’t mean you’re doomed to spend more if your driving record isn’t crystal clear. You can shop around regularly for car insurance to get the best rates as you wait for tickets and accidents to drop off your record.
Are you a driver with gaps in your insurance history? A lapse in coverage or failure to maintain continuous insurance coverage on your vehicle is a red flag to insurance providers. As a result, you’ll see higher auto insurance rates than drivers who’ve maintained insurance.
Vehicle Make and Model
When shopping for a new vehicle, do so with your insurance costs in mind. Generally, luxury or vehicles with all the bells and whistles will be more expensive to insure, while budget cars will be cheaper. It’s best to get a car insurance quote before purchasing your car to see the most savings.
How to Get Cheap Full Coverage Car Insurance
There isn’t one cheapest car insurance company for drivers searching for cheap full coverage car insurance. However, there are things you can do to find affordable rates. Every insurance company has a unique algorithm for calculating a driver’s risk, so rates will vary widely between insurers.
Look for Discounts
Discounts are a great way to lower your full coverage car insurance cost. Whether you’re a new or seasoned driver, there are many discounts to help drive down the cost of auto insurance.
Although each insurer offers various discounts to their policyholders, these are some of the most common discounts available:
- Multi-policy discount: Bundle your home, renter’s, and auto insurance to save up to 25% on your insurance policy.
- Multi-car discount: Insure more than one vehicle on the same policy and save 25% or more on your premium.
- Good student discount: Do you get good grades? You can enjoy savings on your car insurance if you’re a high school, college, or university student who maintains a 3.0 GPA or B average.
- Policy payment discounts: Save money on your insurance policy by paying for your policy in full and avoiding the monthly payment service fee.
- Anti-theft discount: Save up to 15-20% on your comprehensive coverage by installing anti-theft features into your car.
- Safety discount: Save money on your auto insurance by having safety features like anti-lock brakes, airbags, and daytime running lights.
Contact your local insurance agent for additional information on which auto policy discounts you might qualify for.
Examine Your Coverage Limits
As the years go by, you may experience life changes that will cause you to re-examine your coverage limits. For example, while you may have needed high coverage limits to protect your car in the past, a lower vehicle value could mean that it’s time to lower coverage.
Raise Your Credit Score
Many states allow insurance companies to consider your credit score when calculating your insurance premium. Drivers are encouraged to increase their credit scores to lower the cost of insurance. Raise your credit score by making all payments on time and paying off any overdue debts.
Opt for Pay-Per-Mile Insurance
Another way to save money on full coverage car insurance is to opt for pay-per-mile insurance. With this type of insurance, your monthly premium is calculated by a base rate and the miles you drive per month. If you’re a driver who works from home or is newly retired and won’t spend much time on the road, this is a great way to save money.
Compare Rates From Multiple Insurers
One of the best ways to find lower rates for full coverage car insurance is to compare rates from different insurance companies. Shop for quotes every time your policy renews to see if you’re getting the best rate. This is especially important if you have tickets or accidents on your record or if you’ve been a customer of the same insurer for a few years.
Instead of wasting time visiting each insurance website individually, use an online comparison tool to view dozens of quotes at once. This way, you can compare rates and easily choose the best rate within minutes.
Get the Best Rate for Your Full Coverage Insurance
Get the Best Rate for Your Full Coverage Insurance
FAQs About Cheap Full Coverage Car Insurance
Which insurance company offers the cheapest full-coverage car insurance?
With an average insurance premium of $1,223, Concord Group Insurance offers drivers the cheapest option for full coverage insurance.
What does full coverage insurance include?
Full coverage insurance includes liability, comprehensive, and collision insurance. Drivers looking for more coverage can consider purchasing add-ons such as roadside assistance or gap insurance.
Who is full coverage insurance a good fit for?
Full coverage insurance is a necessity for drivers leasing or financing a car and must protect the lender’s investment. It may also be worth considering for drivers who can’t afford to replace or repair their vehicle if it’s damaged or stolen.
What factors impact the cost of full coverage insurance?
When calculating the cost of full coverage insurance, insurers will look at your age, gender, credit score, location and zip code, driving record, insurance history, and vehicle make and model.
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