Full Coverage on Auto Insurance
Full coverage simply means that any liability, loss, damage or injury resulting from a car accident is covered by auto insurance. This includes:
Comprehensive and Collision coverage
Other vehicle/s, driver and its passenger/s
Pedestrians and/or bystanders
Driver and Passenger/s of assured vehicle
Other properties damaged
Car Loan/Lease Payoff
Party at-fault is Uninsured or Under-insured
Roadside assistance
Rental Car Reimbursement
Pet Injury
* Comprehensive and Collision coverage pays for total loss or replacement of the car, and for repairs in collisions, regardless of fault. Collision coverage is more for own-damage and damage liability on other properties or inanimate objects hit by the car.
* Bodily Injury and Property Damage coverage has three covered that will have corresponding limits: 1) per Person for Bodily Injury 2) per Accident for Bodily Injury 3) per Accident for Property Damage
* ***Car Loan/Lease Payoff coverage is applicable for the unpaid balance on the car loan when the car is declared a total loss or was stolen. The Comprehensive and Collision coverage pays for the value of the car. Loan must be with a financial institution. Not applicable for loans to individuals.
* ***Uninsured/Under-insured Motorist can be used if one does not have medical/hospitalization insurance or under-insured limit is insufficient to cover medical treatment, and at-fault party is legally liable.
* ***Roadside Assistance can be purchased only with Comprehensive and Collision coverage. It is available 24/7 for flat tire, dead battery, lockout, mechanical or electrical breakdown, insufficient supply of fuel, oil, water or other fluids, and, entrapment in snow, mud, water or sand within 100 feet of the roadway.
* ***Car Rental Reimbursement can be purchased only with the Comprehensive and Collision coverage. This can be used when there is a need to rent a car for comprehensive and collision claim.
* ***Pet Injury is coverage for pets injured while inside the car in an accident. (Pet Injury coverage is not yet available in North Carolina or New Hampshire)
Take note that there are coverage that seems to overlap, especially for bodily injury and property damage. There are instances where one is applicable while the other is not, or one coverage could complement the other. For Bodily Injury, note that one is per Person and the other is per Accident.
***The asterisks above signify that the insurance coverages are optional and may not be available with all insurance companies. These optional coverages often require the Comprehensive and Collision cover before it can be purchased. Some insurance companies may even throw some of it in for free under some insuring conditions.
Some insurance companies offer coverage for Custom Parts permanently installed in vehicles. Again, this depends on the insuring company if they will include the cost of these parts in the fair market value. Some though, specifically segregate the value of these parts to determine the fair market value of the basic car.
The most practical approach on full cover auto insurance is to purchase based on a need basis. If you don’t have pets, then there is no need for it. If the car is fully paid, no need for the loan/lease payoff covers. That’s part of what is called risk management.
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