Cheap Insurance Quotes Full Coverage - Liability-only auto insurance only provides the minimum amount of coverage required by your state, which is why it's the cheapest type of auto insurance.
Liability-only insurance is a good option for drivers who own a used car or who can afford to repair or replace their car out of pocket.
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State Farm offered the cheapest liability-only auto insurance among the top 13 insurers, with an annual quote of just $532. That's 24% cheaper than the average price of $703. With an offer of $667 per year for liability insurance, Jio was not far behind.
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USAA is the cheapest company for liability-only coverage for eligible current or former military members with average rates of just $437 per year.
The cheapest liability only car insurance companies were often not the big names, proving that some of the smaller insurers can provide much cheaper liability only insurance. The average Farm Bureau bid is $472 per year, and Erie, 12 states and Washington, D.C. Available in the US, it costs $503 per year.
Insurance companies available in fewer states are often cheaper, and some prominent names like Travelers and Farmers can be quite expensive on average. The cheapest liability insurance for you can vary based on factors such as your accident history, credit score, mileage, etc.
We've collected thousands of quotes from every zip code in every state to help you find the cheapest option for minimum car insurance coverage. Minimum liability policies only include coverage required for the state where they are purchased.
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When shopping around for the cheapest companies for liability only car insurance, the most important thing is to get quotes from multiple insurance companies for the exact coverage you need.
In other words, just because an insurance company offered the best deals when buying a full coverage auto insurance policy, it doesn't mean they'll also offer you the lowest rates for a liability-only policy.
Liability-only car insurance is significantly cheaper than full-coverage insurance. Dropping optional coverage can cut your insurance bill by more than half: Among the 37 insurers, liability insurance alone costs an average of 60% less.
Liability insurance makes up about half of the total cost of a comprehensive insurance policy, with collision coverage contributing the lion's share of the difference in price.
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Skipping collision and comprehensive coverage saves money on your car insurance bill, but puts you at greater financial risk because you'll be responsible for repairing your car after an accident. If you choose liability only cover, the insurance will not pay for damage caused to your vehicle in any of the following cases:
The cost difference between liability only and full coverage insurance policies is an average of 61% among the leading car insurance companies.
The cost of car insurance varies depending on where you live. This is partly due to differences in risk, but also due to insurance regulations in each state.
The cost of a liability-only car insurance policy ranges from about half to a third of the cost of a full coverage policy.
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Comprehensive auto insurance coverage is more important -- and a better deal -- when your car is new. Ultimately, it makes sense to remove the coverage.
As your car gets older, collision and comprehensive coverage becomes less valuable and it makes sense to drop coverage before a certain point.
When your car is new, it has a higher ACV, so insurance companies will spend more money repairing it before totaling it.
If a new car has an ACV of $20,000, your insurance company will pay you a maximum of $20,000 to fix it. However, as your car ages, it loses value, so your maximum collision claim payout decreases.
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If your car's ACV is $5,000, that's the most your insurer will pay if your car is damaged or stolen.
However, while the value of a car you own decreases by about 13% each year, the cost of maintaining full coverage only decreases by about 5%.
This makes comprehensive and collision coverage effectively a worse deal on an older car than a new car. At a certain point, comprehensive coverage or collision coverage isn't worth it. You can also consider insuring a cheap car with a comprehensive form of insurance.
You should drop full coverage when you can reasonably afford to replace your vehicle. Paying for comprehensive coverage becomes a bad deal the longer you own your vehicle.
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For example, the cost to buy a new Honda Civic is about $22,000, and to complete and knock on that car costs $2,207—about one-tenth of its value.
On the other hand, a 10-year-old Civic costs around $7,000, but total and collision costs $1,200 – meaning you're paying one-sixth of what your car is worth to keep it totaled and collision-free for a year .
There's no point when it's okay to skip full coverage, but we recommend doing so when your car's value is between four and six times what you're paying for comprehensive and collision insurance.
This generally works when your car is between 8 and 12 years old and is worth between $5,000 and $10,000.
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Additionally, consider the following statements. The more of these that apply to you, the more strongly you should consider switching to liability-only coverage:
Keep in mind that you may need to purchase comprehensive and collision coverage for your car if you have a lease or loan. Most auto finance companies require you to purchase these coverages as a way to protect their investment while you're still paying off the loan.
If you decide to drop comprehensive and collision coverage from your policy, we recommend keeping an emergency fund for windshield repairs, as these can be quite expensive. And you might consider getting comprehensive coverage if you can't afford this type of repair out of pocket.
Technically, liability-only car insurance refers to the purchase of liability-only coverage, coverage for liability for either bodily injury or property damage. This is coverage that only pays for medical treatment and expenses related to car damage to the other party in an accident.
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In practice, liability-only car insurance coverage is often just another way of describing the legal minimum amount of car insurance you can buy to drive your car.
In 22 states, you only need to purchase liability coverage to get the minimum coverage. In 28 other states and Washington, drivers are also required to purchase one - or both - of the following in order to meet their minimum insurance requirements:
Liability-only coverage is often defined by what it mainly lacks: collision and comprehensive coverage. Aside from liability, these two coverages usually make up the largest portion of your car insurance bill.
If a driver wants to protect their assets but does not own a valuable vehicle, they can opt for a higher amount of liability insurance coverage without comprehensive and collision coverage. It often doesn't cost much to significantly increase your liability limit.
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Auto liability insurance is coverage that pays for damages caused to others through your fault in an accident. This includes coverage for bodily injury as well as property damage. Liability coverage is required in almost every state.
Liability-only car insurance only covers liability protection and does not include any other optional coverage such as comprehensive or collision. People with older, cheaper cars should consider getting liability insurance only, not full coverage. Full coverage for older cars is a worse deal because your highest possible payment drops faster than the cost of adding coverage.
All cars on the road must have a statutory minimum amount of liability insurance, including hire cars - you will automatically receive the statutory minimum cover as part of your hire. You have the option of purchasing supplementary liability coverage, which extends your coverage beyond the legal minimum.
The cheapest widely available liability-only auto insurance we found comes from Farm Bureau at $39 a month. USAA is cheaper but not available to all drivers, and Auto-Owner, Erie, and State Farm are all affordable options.
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If your car is totaled (the cost of repairing it exceeds its value) or stolen and you only have liability insurance, you will have to pay to replace your car yourself, unless another driver has it. Make no mistake Liability insurance only pays for damage to other people's cars, not yours.
We calculated annual rates for liability insurance for all insurance companies that offered policies in at least five states and for which data were available. These rates were for a 30-year-old driver with a clean driving record and typical driver characteristics.
To calculate the cost of comprehensive coverage and liability-only insurance, quotes were collected from 37 insurers for a sample of 30-year-old men who drove a 2015 Honda Civic X. The driver was characterized as having an average credit history.
For full coverage rates, we provided uninsured and underinsured motorist bodily injury coverage, comprehensive and collision insurance, and driver coverage limits above each state minimum. Our prices for liability-only policies represent the average cost of a policy that meets only the state's minimum required auto insurance coverage.
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The analysis used insurance rate data from Quadrant Information Services. These
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