Who Has the Cheapest Full Coverage Auto Insurance?

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Geico is the cheapest car insurance company for full coverage, among top insurers surveyed in a CarInsurance.com rate analysis.

Full coverage car insurance costs, on average, $1,355. That's more than twice as much as the cost for coverage that meets the minimum required to drive legally, $526 a year on average. But buying bare-bones coverage leaves you financially at risk. By doing a car insurance comparison for full coverage policies, you can find the best cheap car insurance that provides the most protection. Full coverage pays for damage to your own car in accidents you cause, which is why it costs more than state minimum coverage, which only covers damage you cause to others. Though you'll pay more for full coverage car insurance, you can still save by comparing rates, as prices vary dramatically among insurers.

Here are nationwide average car insurance rates by company, for full coverage, based on CarInsurance.com data:

For full coverage, Geico tops the list as the cheapest car insurance company in the nation's capital and every state, except the following:

• Alaska
• Iowa
• Kansas
• Maryland
• Missouri
• North Carolina
• North Dakota
• Nebraska
• New Jersey
• Rhode Island
• Texas
• Virginia
• Washington
• Wyoming

What car insurance is the cheapest for full coverage?

Below you'll see how major car insurance companies compare for price for full coverage in your state. Full coverage policies are comprised of different types of car insurance that work together to pay to replace or repair your vehicle, and to pay for damage and injuries you cause. The components of a full coverage policy are liability insurance, which you need to legally drive, and comprehensive and collision, which are optional. Comprehensive and collision cover damage to your vehicle. Enter your state in the search field to see major insurers ranked cheapest to most expensive.

What is full coverage car insurance?

The components of a full coverage policy and what they do:

• Liability insurance, required to drive, covers damage and injuries you cause to others up to the amount you choose
• Comprehensive and collision coverage, which are optional, pay out up to the cash value of your vehicle, minus your deductible
• Comprehensive coverage pays to replace your car if it’s stolen and pays for damages from fallen objects, like a tree, and from fire, floods, animal strikes and vandalism
• Collision coverage pays to repair your car if you're in an accident that's your fault
• The average cost for collision is $526, comprehensive is $192, annually, according to CarInsurance.com rate data

Liability limits are usually written like this: 100/300/100. In this example, the numbers show coverage that would pay:

• medical expenses of up to $100,000 per person for those you injure in an accident
• medical expenses up to $300,000 per accident for others' injuries
• up to $100,000 for property damage to another driver's vehicle or property

Do I need full coverage car insurance?

When you shop for a policy, you'll have to decide how much coverage you need. The decision may not be up to you if you lease or owe on a loan for your car. Most lenders require that you buy a liability policy with comprehensive and collision insurance. Still, opting for full coverage makes sense financially, unless you drive an old car that's not worth much or have no assets to protect.

Gusner recommends the following liability limits if your net worth is:

• less than $50,000 choose at least 50/100/50
• between $50,000 and $100,000, choose at least 100/300/100
• more than $100,000, choose at least 250/500/100

Comprehensive and collision only pay out up to the actual cash value of your car, minus a deductible you pay first. That’s why these coverages may be unnecessary if the vehicle is old and has little value.

Coverage recommendations for collision and comprehensive:

• If your car is less than 10 years old, you should consider buying collision and comprehensive.
• If your car is more than 10 years old, buy collision and comprehensive if your car is worth $3,000 or more.
• Buy collision and comprehensive if you can’t afford to replace it if you crash it.
• Buy comprehensive if you live in an area prone to fire, hail, flooding, vandalism, animal strikes or theft.

How much more does full coverage cost compared to liability only?

Typically, buying higher liability limits doesn’t cost that much more. Consider the following, based on CarInsurance.com’s analysis of rates from up to six major insurers for nearly all ZIP codes:

• The nationwide average cost for state minimum liability coverage is $526
• Increasing that coverage to $50,000/$100,000/$50,000 averages only $561. So, you only pay another $35 a year by increasing your coverage.
• If you increase that to $100,000/$300,000/$100,000 with comprehensive and collision and a $500 deductible, that average goes up to $1,350, which is $824 more per year or $69 per month.

Still not sure what to do? One general guideline you can follow: Full coverage is worthwhile if the value of your car is more than the total cost of jumping to a full coverage policy from the state minimum, plus your deductible. Let's use the example of average rates. The cost of state minimum coverage is $526. Full coverage costs $824 more than that. Add to that $500 for the deductible. You get $1,324. If your car is worth more than that, it pays to buy full coverage.

How to get the cheapest full coverage policy

Comparison shopping is the best way to save on car insurance.

When shopping for a policy, remember to:

• Compare the same deductible amounts. Comprehensive and collision are usually sold together, though not always.
• Be sure liability limits are also identical when comparing rates.
• See what add-on coverages are available, and if there are restrictions or costs associated with these. Examples include roadside assistance and accident forgiveness.
• Always use the same core info, such the same list of drivers.

Below you'll see how much the average driver can save by comparing car insurance quotes. The table shows state car insurance rates for a typical driver with full coverage, and the difference between the highest and lowest average quotes for the same policy. The amount you can save varies by state, but overall, here are key findings:

• the average savings nationwide after comparing car insurance quotes for full coverage $1,127 a year
• the average percentage savings is 138% a year

Full coverage car insurance rates by state: How much you can save in every state