Full coverage car insurance is often seen as the gold standard for vehicle protection, combining liability coverage with collision and comprehensive protection to safeguard you and your car from a wide range of incidents. For many drivers, especially those financing their vehicles, full coverage isn’t just a smart choice—it’s often a requirement from lenders. However, the quest for robust protection doesn’t have to break the bank. Finding Cheapest Full Coverage Car Insurance is entirely achievable when you know where to look and what to consider.
The ideal car insurance policy is a personal equation, varying based on individual needs and circumstances. Nevertheless, the leading providers of full coverage car insurance share common traits: competitive pricing, solid reputations, and comprehensive standard coverage options. To simplify your search, we’ve pinpointed the top insurers that stand out for different driver profiles, ensuring you can find the perfect balance of cost and coverage.
Here’s a detailed look at the best and cheapest full coverage car insurance companies in 2024, designed to guide you towards the most affordable and reliable protection.
Top Picks for Cheapest Full Coverage Car Insurance
When it comes to balancing cost and quality, certain car insurance companies consistently rise to the top. These insurers not only offer competitive rates for full coverage but also maintain excellent customer service and claims handling reputations. Here’s a breakdown of the best options, categorized to help you find the perfect fit for your specific needs.
Best Overall Cheap Full Coverage Car Insurance: State Farm
For drivers seeking an optimal blend of affordability, dependable customer service, and comprehensive coverage, State Farm emerges as a leading contender. As the largest car insurance company in terms of market share, State Farm’s widespread availability across all states except Rhode Island and Massachusetts underscores its national reach and reliability.
A full coverage policy from State Farm averages around $1,141 annually, significantly undercutting the national average of $1,638 per year. This cost-effectiveness extends to younger drivers and those with prior moving violations, making State Farm a particularly attractive option for a broad spectrum of drivers.
State Farm’s commitment to customer satisfaction is consistently recognized by independent rating agencies:
| Agency | Ratings |
|---|---|
| J.D. Power U.S. Auto Insurance Customer Satisfaction Study | Consistently above average across most regions |
| J.D. Power U.S. Auto Claims Satisfaction Study | Above average, indicating efficient claims processing |
| NAIC Complaint Index | Significantly fewer complaints than expected for a company of its size, highlighting customer service excellence |
It’s important to note that State Farm operates through captive agents. Unlike independent agents who can offer quotes from multiple companies, State Farm agents exclusively sell State Farm policies. Therefore, it’s advisable to compare quotes from various insurers before committing to ensure you’re securing the most competitive rate.
Key Highlights:
- Strong J.D. Power ratings reflecting high customer satisfaction.
- Economical coverage options for diverse driver profiles.
- Dedicated captive agent network for personalized service.
Best Cheap Full Coverage Car Insurance for Discount Seekers: Farmers
Farmers Insurance distinguishes itself with an extensive array of discounts, boasting over 23 different ways to save—though availability can vary by location. From rewarding customer loyalty to offering savings for students and members of affiliated organizations, Farmers provides ample opportunities to reduce your premium. Like many insurers, they also offer a significant multi-policy discount, potentially lowering your rate by up to 10% when you bundle your car insurance with other policies.
However, Farmers’ premiums tend to be on the higher side. A full coverage policy averages around $2,084 per year, which is approximately 27% higher than the national average. Despite the potential for discounts, this higher baseline cost should be considered.
Key Highlights:
- Substantial multi-policy discount up to 10%.
- Broad spectrum of discount opportunities.
- Premiums are generally more expensive than average.
Best Cheap Full Coverage Car Insurance for High-Risk Drivers: Auto-Owners Insurance
High-risk drivers, encompassing categories from teen drivers to individuals with multiple accidents or less-than-perfect credit scores, often face steep insurance premiums. Auto-Owners Insurance stands out by offering remarkably competitive rates for this demographic. A full coverage policy for high-risk drivers with Auto-Owners averages around $2,256 per year, potentially saving drivers over $500 annually compared to other providers.
Auto-Owners provides specialized coverages tailored to high-risk situations:
- Accident Forgiveness: Allows new or young drivers to prevent premium hikes after their first at-fault accident, providing a safety net during initial driving years.
- SR-22 and FR-44 Filings: Offers assistance with necessary documentation to prove insurance compliance to state authorities.
Auto-Owners operates in 26 states, meaning drivers outside of this service area, such as those in New York and California, will need to seek insurance elsewhere.
Key Highlights:
- Highly competitive rates for high-risk insurance policies.
- Offers accident forgiveness and SR-22/FR-44 filing services.
- Availability limited to 26 states.
Best Full Coverage Car Insurance for Luxury Vehicles: Chubb
Owners of luxury vehicles often require more extensive coverage than standard policies typically provide. Chubb’s Masterpiece auto insurance policy is specifically designed to meet the sophisticated needs of high-value car owners. It includes specialized coverages such as:
- Agreed Value Coverage: Ensures you receive the vehicle’s current market value in case of a total loss, without depreciation deductions.
- Original Equipment Manufacturer (OEM) Parts Coverage: Guarantees repairs are conducted using factory-original parts, maintaining the vehicle’s performance and resale value.
- Choice of Repair Shop: Offers flexibility to choose your preferred mechanic, ensuring your luxury vehicle is serviced by specialists you trust.
Chubb’s premiums are generally higher than average, reflecting the enhanced coverage and services. For owners of standard vehicles, more economical options may be available elsewhere.
Key Highlights:
- Tailored coverage options for luxury and high-value vehicles.
- Higher coverage limits to protect significant investments.
- Premium pricing reflecting specialized services.
Best Cheap Full Coverage Car Insurance for Drivers with Poor Credit: GEICO
Your credit score significantly influences your credit-based insurance score, which insurers use to predict claim likelihood. Lower credit scores often translate to higher premiums. GEICO stands out by offering favorable rates to drivers with less-than-stellar credit.
GEICO policyholders with poor credit pay an average of $1,885 per year for full coverage, which is about 40% less than the national average for this risk group. Furthermore, GEICO’s wide range of discounts, potentially reducing premiums by up to 25%, can further enhance affordability.
Like State Farm, GEICO operates with captive agents. It remains prudent to compare quotes from multiple companies to ensure you’re getting the most advantageous deal.
Key Highlights:
- Affordable premiums for drivers with poor credit history.
- Substantial discount opportunities, up to 25%.
- Captive agent model, necessitating comparative shopping.
Best Cheap Full Coverage Car Insurance for Superior Customer Service: Erie Insurance
For many, exceptional customer service is a paramount consideration when choosing an insurer. Erie Insurance is highly regarded for its commitment to customer satisfaction. Third-party agencies consistently rank Erie favorably:
| Survey | Ratings |
|---|---|
| J.D. Power U.S. Auto Insurance Customer Satisfaction Study | Ranked #1 in the Mid-Atlantic and North Central regions |
| J.D. Power U.S. Auto Claims Satisfaction Study | Consistently ranked #1, demonstrating excellence in claims handling |
| J.D. Power U.S. Insurance Shopping Satisfaction Study | Positioned 3rd, indicating a strong purchase experience |
| NAIC Complaint Index | Maintains a low complaint volume relative to its size, signaling strong customer service |
Customer reviews for Erie are mixed, typical for large insurance providers. While some policyholders express dissatisfaction, particularly with claims processing, many others commend Erie for its responsive agents and competitive pricing.
Erie’s service area is limited to 12 states and the District of Columbia.
Key Highlights:
- Top rankings in J.D. Power customer satisfaction surveys.
- Low complaint index indicative of strong service.
- Availability limited to select states.
Best Cheap Full Coverage Car Insurance for Military Personnel: USAA
USAA is a trusted name among military members for financial services, including highly-rated car insurance. USAA consistently offers some of the most affordable rates and exceptional service in the industry, exclusively for the military community and their families.
USAA policyholders save approximately 36% on full coverage, with average annual premiums around $1,044. Military-specific discounts, such as savings for garaging vehicles on base or storing vehicles during deployment, can further reduce costs.
USAA’s industry ratings are consistently outstanding:
| Survey | Ratings |
|---|---|
| J.D. Power U.S. Auto Insurance Customer Satisfaction Study | Top scores across all regions, consistently exceeding benchmarks |
| J.D. Power U.S. Auto Claims Satisfaction Study | Ranked among the top for claims processing efficiency and customer communication |
Eligibility for USAA is limited to:
- Active duty, National Guard, and Reserve members.
- Commissioned officers and officer candidates.
- Retired and separated military personnel.
- Adult children and former spouses of USAA members.
Key Highlights:
- Exceptionally affordable car insurance rates.
- Consistently high ratings for customer satisfaction and claims handling.
- Exclusive eligibility for military-affiliated individuals.
Understanding the Factors Influencing Full Coverage Insurance Costs
Several variables can impact the price of your full coverage car insurance. Understanding these factors can help you anticipate your premiums and potentially find ways to lower them.
- Age and Gender: Younger drivers and men statistically face higher premiums due to increased accident risk.
- Driving History: Traffic violations like speeding tickets, DUIs, and at-fault accidents elevate your risk profile and increase insurance costs.
- Vehicle Characteristics: Safer, older vehicles and those with lower repair costs generally result in cheaper insurance premiums.
- Coverage Levels and Deductibles: Higher coverage limits and lower deductibles increase premiums, while lower coverage and higher deductibles reduce costs.
- Location: Geographic factors like cost of living, accident rates, theft, and weather-related risks influence local insurance rates.
- Credit Score: In many states, a lower credit score can negatively impact your insurance score, leading to higher premiums.
Smart Strategies to Secure the Cheapest Full Coverage Insurance
While full coverage is more comprehensive and thus more expensive than minimum liability coverage, making it affordable is achievable. Here are effective strategies to reduce your full coverage car insurance costs:
- Comparison Shopping is Key: Insurance companies assess risk differently. Comparing quotes from multiple insurers is crucial to finding the most competitive rates for your specific needs. Utilize online quote comparison platforms like Insurify or Policygenius to streamline this process.
- Maintain a Clean Driving Record: A blemish-free driving history is your best asset for affordable insurance. Safe driving habits will lead to lower premiums over time as violations age off your record.
- Consider Increasing Your Deductible: Opting for a higher deductible (the amount you pay out-of-pocket before insurance kicks in) can significantly lower your premium. Ensure you choose a deductible you can comfortably afford in case of a claim.
- Explore Pay-Per-Mile Insurance: If you are a low-mileage driver (e.g., working from home, retired, or with a short commute), pay-per-mile insurance can offer substantial savings by basing your premium on actual miles driven.
Frequently Asked Questions About Full Coverage Car Insurance
What does full coverage car insurance include?
Standard full coverage typically includes liability insurance (covering damages to others), collision insurance (covering damage to your vehicle from accidents), and comprehensive insurance (covering damages from non-collision events like theft or weather). Additional coverages may vary by insurer and state regulations.
How much more expensive is full coverage car insurance than liability-only?
Full coverage car insurance is generally around 60% more expensive than liability-only coverage, reflecting the significantly broader protection it offers.
Full coverage vs. collision coverage: What’s the difference?
Collision coverage is a component of full coverage. Full coverage encompasses collision, comprehensive, and often liability insurance, providing a more complete safety net.
Is full coverage car insurance a worthwhile investment?
For most drivers, full coverage is highly beneficial. It’s often required for financed vehicles and provides peace of mind against a wide array of risks. However, for very low-value, older cars, the cost of full coverage might outweigh the vehicle’s worth.
Who offers the best cheapest full coverage car insurance?
State Farm is consistently recognized for offering the best cheapest full coverage car insurance, balancing competitive premiums with high customer satisfaction and robust coverage options.
By understanding your needs, comparing options, and employing cost-saving strategies, securing cheapest full coverage car insurance without compromising on protection is entirely within reach. Remember to regularly review your policy and shop around to ensure you continue to receive the best possible rates and coverage as your circumstances evolve.
