25 Oct Auto Insurance Full Coverage
Previously we went over what liability only automobile insurance covered. Today the subject will be full coverage automobile insurance. Full coverage can be broken down into two types of coverage: Collision and Comprehensive. Collision is the coverage for any physical damage where your car is moving in any capacity. Comprehensive is the coverage for any physical damage where your car is not moving. Full coverage usually involves a deductible with the limit actual cash value or what the car is worth. If you were to file a claim, you would receive the actual cash value of the car minus your deductible. If you finance or lease your car, the bank or financial institute will most likely require full coverage.
If you own an older vehicle, full coverage may not be as necessary as it would be with a new car. The amount you would pay every year could be more than the car is worth. In regards to premium, the higher the deductible is the lower your premium becomes, but as with many things moderation is very important. If you have any questions feel free to call us and speak to an agent today or you can check out our Facebook, Foursquare and twitter (@ibwins)