Did you know that there’s no such thing as a “full coverage” auto insurance policy? While many people like to share with friends and family that they’ve invested in full coverage insurance, what they really mean is they’ve worked together with their local insurance agent to tailor-make a policy that offers the most comprehensive coverage possible. When people refer to “full coverage” auto insurance, they typically mean that they want a policy that includes liability insurance, collision coverage, and a combination of other additional coverage options.
While it can be tempting to stick with the Wisconsin state minimum insurance requirements in an attempt to save on your annual premium, that often means that many drivers are left to cover much of the costs related to an accident out-of-pocket. Keep reading to learn more about the benefits of a “full coverage” style car insurance policy, and how the team at Mayville Insurance can help you invest in the right policy limits to fit your needs.
What is “Full Coverage” Car Insurance?
A standard “full coverage” car insurance policy may not exist, but that doesn’t mean that you can’t create a policy that will provide you with the best possible coverage in the worst-case scenarios. Since insurance providers don’t currently offer this type of policy, many drivers rely on three main coverages to act as the foundations for a more comprehensive policy, these include:
Liability insurance is a mandatory coverage in most states and works to provide funds that will cover the cost of any injuries or auto repairs that are needed after you are found to be at fault for an accident.
If you are the person responsible for an accident, collision insurance will pay for any repairs necessary for your vehicle. However, it doesn’t extend to cover the cost or anyone else’s vehicle or injuries.
This additional insurance option works to cover the cost of specific damages to your vehicle that are not the result of a collision. For example, if your car is damaged after a big storm, stolen, vandalized, or caught in a fire—comprehensive insurance will pay for repairs or the replacement of your vehicle.
Uninsured and Underinsured Motorist Coverage
Several states also require drivers to invest in uninsured and underinsured motorist coverage as part of their insurance coverage. However, it is not mandatory nationwide. These essential insurance coverages kick-in to pay for your medical bills if you’re hit by a driver who either doesn’t have any insurance at all or not enough coverage to pay for your medical expenses.
As you build a car insurance policy, your insurance agent will also ask you to consider which policy limits you’d like to set. This is especially important to keep in mind as liability coverage does have limits that cannot be exceeded. If you feel like these limits aren’t enough, investing in a personal umbrella insurance policy or endorsement can be helpful.
Contact Mayville Insurance Today
While it’s impossible to walk into your local insurance agency and ask them to give you the “full coverage” car insurance policy, you can invest in coverage that will help give you peace of mind on the open road. Our friendly and knowledgeable independent agents are happy to work closely with you to design an auto insurance policy that fits your needs and budget. Interested in learning more about the benefits of investing in a comprehensive car insurance policy? Feel free to contact us today for more information and be sure to request a free quote.