How Much Is Full Coverage Car Insurance a Month

A full coverage car insurance policy — one with comprehensive and collision insurance — is much more expensive than liability-only car insurance, but it provides valuable protection. A full coverage policy will cover both liability costs and the costs of damages to your car, minus your deductible. Although these policies cost more, prices differ greatly depending on the insurance company. MoneyGeek found that GEICO has the cheapest widely-available full coverage car insurance, at a cost of about $941 per year.

But the exact cost of your full coverage car insurance policy depends on many factors, including your driving history and what state you live in, so it's best to get compare personalized quotes to get the best cheap full coverage for you.

Table of Contents

• Cheapest at a national level
• Cheapest in your state
• Cheapest after a ticket
• Cheapest after an accident
• Cheapest with extra liability coverage
• Best full coverage companies
• What is full coverage?

Key Takeaways

While there is no single definition of full coverage auto insurance, it usually packages basic liability insurance with comprehensive and collision coverage.

If you have a luxury vehicle or are making payments on your car, full coverage can help pay for repairs from an at-fault accident, weather damage, theft or other scenarios.

GEICO, State Farm and USAA have the most affordable rates for full coverage car insurance for the average driver.

Which Companies Have the Cheapest Full Coverage Car Insurance?

We analyzed the largest auto insurance companies across all 50 states to find the nine companies with the cheapest full coverage car insurance rates. The average cost across all companies for full coverage car insurance is $1,270 per year. The three cheapest companies are:

• GEICO: $941 per year.
• State Farm: $1,114 per year.
• USAA: $817 per year, but only available to drivers with a military background.

GEICO

• The annual premium for the average driver is $941 with GEICO
• Customers could save $329 per year compared to the average cost of full coverage auto insurance

State Farm

• State Farm customers pay an average of $1,114 per year for full coverage auto insurance
• Drivers insured by State Farm could pay $156 less per year than the average cost of comprehensive and collision coverage from other companies.

USAA

• With an average premium of $817 per year, USAA offers the most affordable rates for comprehensive and collision
• Drivers who are insured by USAA could save $453 per year compared to the average cost of full coverage auto insurance
• USAA only provides policies to military members, veterans and military families

Each of these companies offers auto insurance coverage in at least 30 states across the U.S. While these rates are averages, they may not reflect the actual rate each customer will receive. It's best to compare quotes from different auto companies using your personalized factors to determine which offers the best cheap full coverage car insurance.

Cheapest Full Coverage Car Insurance Rates

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You can learn more about how these full coverage rates were collected and calculated in MoneyGeek's methodology.

The Cheapest Full Coverage Car Insurance Companies by State

Car insurance is regulated by the states, so the cheapest companies for full coverage at a national level might not necessarily be the cheapest company in your state. MoneyGeek found that GEICO, the cheapest company for full coverage nationally, is also most likely to be the cheapest on average in your state. It had the lowest rates in 24 of the 50 states plus Washington D.C.

State Farm is the cheapest for full coverage in nine states, while both Nationwide and Erie — the cheapest option in three states each — round out the top four. If your military background makes you eligible, USAA could be your cheapest choice. It was the most affordable for our sample driver in 38 states.

Browse to your state below to learn more about the cheapest full coverage policies where you live.

Cheapest Full Coverage Car Insurance Rates by State (Excluding USAA)

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• State

  Company Label

  Full Coverage Annual Premium

• GEICO

  $805

• GEICO

  $745

• Southern Farm Bureau

  $783

• GEICO

  $655

• Esurance

  $1,010

• GEICO

  $718

• GEICO

  $766

• GEICO

  $565

• State Farm

  $1,117

• GEICO

  $1,193

• Nationwide

  $1,237

• GEICO

  $614

• GEICO

  $438

• State Farm

  $491

• GEICO

  $703

• Erie

  $517

• Nationwide

  $764

• State Farm

  $771

• Southern Farm Bureau

  $1,348

• Safety Group

  $704

• Erie

  $1,461

• GEICO

  $425

• GEICO

  $2,536

• Farmers

  $906

• State Farm

  $823

• Mississippi Farm Bureau

  $804

• State Farm

  $645

• Nationwide

  $566

• Nodak Mutual

  $464

• GEICO

  $662

• Concord Group

  $542

• GEICO

  $941

• State Farm

  $908

• GEICO

  $886

• GEICO

  $1,657

• GEICO

  $528

• GEICO

  $704

• GEICO

  $893

• GEICO

  $1,200

• State Farm

  $715

• GEICO

  $749

• State Farm

  $630

• GEICO

  $717

• Farmers

  $774

• GEICO

  $610

• Progressive

  $455

• Vermont Mutual

  $473

• PEMCO

  $739

• GEICO

  $564

• Erie

  $639

• State Farm

  $683

Cheapest Full Coverage Car Insurance After Getting a Ticket

Accidents and tickets on your driving record could increase the cost of full coverage car insurance in your state, reducing your chances of getting cheap auto insurance rates. When comparing the average annual premium for full coverage insurance with 50/100/50 liability limits and comprehensive and collision coverage, the cost increase with a ticket is $759 per year.

GEICO

On average, GEICO offers the lowest full coverage rates for drivers with a ticket on their record. GEICO policyholders with a clean driving record can expect to pay $324 less per year on comprehensive and collision coverage than those with a ticket. Still, GEICO's average full coverage rate of $1,265 is the most affordable for most drivers when compared to other companies.

Cheapest Full Coverage Car Insurance Rates With a Ticket

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For drivers with a ticket who want 50/100/50 liability limit coverage with comprehensive and collision coverage, USAA came in as the lowest-cost company for these coverages, costing an average of $939 per year. This is $122 more expensive per year than not having a ticket. However, USAA is only available to military members, veterans and their families, so GEICO may be the most affordable choice for most drivers. GEICO has an average annual rate of $1,265 for drivers with a ticket, which is $324 higher than their average rate with a clean driving record.

Rates will vary widely based on the state you live in, the type of ticket received and other personalized factors. Getting an individual quote for these auto coverages will help determine which company is best for cheap car insurance.

Cheapest Full Coverage Car Insurance Rates After an Accident

If you are involved in an accident, it could affect your chances of getting cheap full coverage car insurance rates. While not all accidents and claims will raise your rates, you should expect rates to adjust if you are involved in an accident. When comparing rates for the same 50 companies using 50/100/50 liability limits, comprehensive and collision coverage, the average rate increase is $1,130 more per year.

State Farm

With an accident on their record, drivers insured by State Farm can expect to pay an average of $320 more for full coverage insurance than if they had a clean driving record. However, with an average premium of $1,434 after an accident, State Farm provides some of the lowest full coverage auto insurance rates for most drivers.

Average Annual Insurance Rates With an Accident

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When quoting the average cost, the two lowest-cost companies for these coverages with an accident are USAA and State Farm. The average rate increase for USAA is $419 per year. For State Farm, the average rate increase is $320 per year.

Being labeled as a high-risk driver can be costly, but you can and should still get multiple quotes to ensure you get the best car insurance rates for which you qualify.

Cheapest Full Coverage Car Insurance With Increased Coverage Amounts

Increasing auto coverage from 50/100/50 to 100/300/100 may cost more, but it also provides broader protection if you cause injuries or property damage in an accident. These higher limits include $50,000 more in property damage, $50,000 more per injured person and up to $200,000 more in additional bodily injury protection.

GEICO

In many cases, increasing your liability coverage is relatively affordable. State Farm customers pay an average of $106 more per year for 100/300/100 coverage compared to 50/100/50 coverage. With some of the lowest rates for most drivers, State Farm customers can expect to pay an average of $1,047 for 100/300/100 coverage.

Average Annual Rates for 100/300/100 Liability Coverage

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Expect to pay an average of 37.37% more for 100/300/100 coverage compared to 50/100/50. The two lowest-cost companies for 100/300/100 liability limits, comprehensive and collision coverage are USAA and GEICO. These coverages cost $66 more in premium annually with USAA and $106 more with GEICO.

As you can see, rates can vary from company to company when comparing full coverage car insurance coverage. Getting personalized quotes will give you the true cost from each company when comparing liability car insurance limit changes.

The Best Full Coverage Car Insurance Company

You should consider more than just rates when buying a full coverage car insurance policy. You'll want a company that combines savings with excellent customer service and claims processes. And you'll want it to be financially stable so that you know your claims will be paid. MoneyGeek ranked GEICO as the best car insurance company of 2021.

GEICO

GEICO ranks as the best car insurance company for full coverage policies. It combines cheap rates with a strong customer service reputation and rock-solid financial stability.

What Is Full Coverage Auto Insurance?

There is no single definition for full coverage car insurance, but it typically includes liability protection and comprehensive and collision coverage. Liability coverage protects the other person and property involved, while comprehensive and collision coverages protect your vehicle if it's damaged.

Other coverages may be included in full coverage auto insurance, such as personal injury protection (PIP), medical payments, rental car coverage and roadside assistance. These additional coverages are considered optional and can be included in a quote for cost-comparison purposes.

How to Shop for the Cheapest Full Coverage Policy

One of the best ways to get cheap full coverage auto insurance is by shopping with several car insurance companies. Getting multiple personalized quotes to compare coverages doesn't have to be difficult, and MoneyGeek can help. By comparing auto insurance rates and coverages, consumers can save up to 47%, even high-risk drivers.

To make the process easier, have the right information available when getting full coverage car insurance quotes. Here are some steps to take to get accurate auto quotes while shopping for car insurance:

1

Gather your information

To get an accurate quote, you'll typically need to enter your name, date of birth, address and driver's license information for all household drivers, including yourself. You'll also need to know the year, make, model and VIN for each vehicle to be insured. Knowing your current coverages can help you find the best deal for full coverage.

2

Quote the same coverages

Whether you're comparing two or five different auto insurance companies, be consistent with the coverages you're using to compare. Use the same liability limits and comprehensive and collision deductibles to make an accurate comparison to find the best cheap full coverage car insurance.

3

Consider optional coverages

Add-ons can mean higher premiums, but they may be worth it to you. Accident forgiveness, gap insurance and rental car coverage are just a few of the options available. Optional coverages vary by company and may not be available to all customers.

MoneyGeek has analyzed rates across the board to help you find the best and cheapest full coverage car insurance in your state. The types of coverage offered by insurance providers vary, and that's why it's crucial to compare your own costs by getting customized quotes. Your individual situation and personalized needs are the best determining factors of how much you'll pay for full coverage auto insurance. These tips and steps can give you a big head start in finding your best option.

Common Questions About Full Coverage Car Insurance

The following are some of the most frequent questions drivers have about buying full coverage car insurance.

Not every insurer will define full coverage the same way. But it usually refers to policies that add comprehensive and collision insurance to the minimum liability insurance requirements mandated by your state. Comprehensive and collision insurance protects you against the cost of damages to your vehicle, on and off the road. Liability insurance protects you against the cost of damages to others when you're at fault. Full coverage

Across nine major insurance companies, the average cost of a full coverage policy is $1,232 per year. For those same insurers, the average cost of state-minimum car insurance is $709 per year. So buying a full coverage policy costs drivers an extra $500 per year, on average.

MoneyGeek's data finds that GEICO has the cheapest full coverage insurance with an average cost of $941 per year. But if you qualify for USAA you could get even more savings. Its policies cost an average of $817 per year for our sample driver. For those with motorcycles, both Progressive and Dairyland offer the cheapest full coverage motorcycle insurance policies at $267 per year.

If you leased or financed the purchase of your vehicle, your lender will probably require that you buy a full coverage policy. If you fully own your car, you aren't required to buy comprehensive and collision insurance, but we recommend it if you have a valuable vehicle. Those with older vehicles may be best served by dropping the coverages. If you're paying hundreds of dollars per year — plus the deductible — to cover the risk your car is totaled, you'll want to make sure your car has enough value to justify that expense.

Expert Advice: Understanding Full Coverage Car Insurance

1. Why should shoppers consider full coverage auto insurance over liability-only auto insurance?
2. What coverage amounts do you recommend for most drivers?
3. What strategies can buyers use to find affordable full coverage insurance from a reputable provider?

Paul A. Stock

Economics Professor at the University of Mary Hardin-Baylor

Rakesh Niraj

Associate Professor of Marketing at Case Western Reserve University

John Longo

Professor of Finance at Rutgers Business School; Author of Buffett's Tips: A Guide to Financial Literacy and Life

Daniel Roccato

Clinical Professor of Finance at the University of San Diego School of Business

Jeffrey Brown

Professor of Finance at Johnson University

Mike Schmisek

Owner of Premier Mountain Insurance

Brian J. Cook

Founder | Managing Partner of The Insurance Loft

Salil K. Sarkar, PhD, CFA

Professor of Finance, Coordinator, Doctoral Finance Program at The University of Texas at Arlington

Dr. Thomas Smythe

Professor of Finance at Florida Gulf Coast University

Courtney Carr

Account Executive at Royalty Insurance

Enrique Ruiz

Owner of E&L Insurance Services

Jon Hooks

Department Chair and Professor of Economics and Management at Albion College

Dr. Nathan Hardy

Assistant Professor of Marketing at Neumann University

Kenneth Roskelley

Professor of Finance at Mississippi State University, College of Business

Robert Warren

Instructor at The University of North Dakota

Duane Donaldson

Finance Instructor at Columbus State Community College, MBA, CPA

Nicole Lamanes-Webster

Licensed Agent at Insurance Brokers of Arizona

Dr. Geo Kelly

Assistant Professor of Marketing at Southwestern Oklahoma State University

Dr. Matt Lutey

Assistant Professor of Finance at Indiana University Northwest

Dr. Mohan Menon

Professor of Marketing at the University of North Georgia

Khai Zhi Sim

Assistant Professor, Economics and Finance at Eastern Connecticut State University

Dr. Ali Enami

Assistant Professor, Economics at The University of Akron

Sterling Raskie

Lecturer of Finance, Gies College of Business at the University of Illinois

Dr. S. Eric Anderson

Professor of Management and Economics at La Sierra University

Dr. Randal Ice

Barnabas Professor of Finance at the University of Central Oklahoma

Dr. Dylan Minor

Chief Strategist and CIO at Omega, Professor at Anderson School of Management, UCLA

Alice Tsang

Professor in the Practice of Economics and Business at Gordon College

Dr. Kamala Raghavan

Department Chair, Jesse H. Jones School of Business at Texas Southern University

Patrick Payne

Professor of Finance at Western Carolina University

Dr. Xiaomin Guo, CFP®

Finance Instructor, Kate Tiedemann School of Business & Finance, University of South Florida

Christian Teeter, Ed.D.

Associate Professor, Business Administration at Mount Saint Mary's University, Los Angeles

Stephen Calkins

Professor of Law at Wayne State University

Dr. Craig R. Erwin

Associate Professor Management at Eastern Connecticut State University

Susan Hume, PhD

Associate Professor Finance at The College of New Jersey

Art Rossetti

Insurance Agent at Gateway Insurance Group

Dick Verrone

Executive in Residence of Finance, Cameron School of Business, University of North Carolina Wilmington

William Martin

Associate Professor of Marketing at Eastern Washington University

Victor Ricciardi

Visiting Assistant Professor of Finance at Washington and Lee University

Dr. Ying Zhen

Associate Professor of Business and Economics at Wesleyan College

Nicole McConlogue

Assistant Professor and Clinic Director, WVU College of Law

Dr. Robert Ramirez

Faculty Chair and Business Professor at DeVry University

Dr. Andy Terry

Professor of Finance at The University of Arkansas at Little Rock

Georg Grassmueck

Department Chair and Associate Professor of Business Administration at Lycoming College

Dr. Zachary Klingensmith

Visiting Professor of Economics at Washington & Jefferson College

Dr. Nan Zhu

Associate Professor of Risk Management at the Smeal College of Business, Pennsylvania State University

Ngozi Nnaji, MS

Adjunct Professor at Goodwin University, Principal of Ako Brokerage Services, LLC

Mathew S. Isaac, Ph.D.

Professor of Marketing, Albers School of Business and Economics at Seattle University

Stacy Mastrolia

Associate Professor of Accounting at Bucknell University; CPA, MBA, PhD, CGMA

Pavel Yakovlev, Ph.D.

Associate Professor of Economics, Palumbo Donahue School of Business at Duquesne University

Ramon DeGennaro

HCB Professor of Banking and Finance at The University of Tennessee, Knoxville

Chris Tamm

Associate Professor of Finance, Director - Institute for Financial Planning & Analysis at Illinois State University

Elizabeth Cooper

Professor of Finance at La Salle University

Nancy Titus-Piersma

Instructor of Professional Practice, Spears School of Business at Oklahoma State University

Stephen Ciccone

Chair of the Department of Accounting & Finance, Associate Professor of Finance at the University of New Hampshire

Frank Paiano

Professor Emeritus at Southwestern Community College, Registered Representative

Jamie Lambert

Associate Professor of Instruction at Ohio University

Drew Gold

Associate Professor at Saint Leo University

Steve Beach

Dean, Professor of Finance at the University of Texas Permian Basin

Dr. Scott Thorne

Instructor in Marketing at Southeast Missouri State University

Steven Haynes

Director of Risk Management and Insurance, Assistant Professor of Practice at University of Texas at Dallas

Abhijit Roy

Professor of Marketing at The University of Scranton

Mike Morgan

Professor of Practice, Department of Finance, University of Southern Mississippi

Biljana Adebambo

Academic Director, Associate Professor of Finance at the University of San Diego

Dr. Ashford Maharaj

Adjunct Professor of Finance at Metropolitan College of New York

Julio Sevilla

Associate Professor, Terry College of Business at the University of Georgia

Dr. Jonathan Ernest

Assistant Professor of Economics at Case Western Reserve University

Wayne Miller

Adjunct Professor - Wayne Law at Wayne State University and COO at Miller & Tischler P.C.

Dr. Samar Issa

Assistant Professor of Economics and Finance at Saint Peter's University

Dr. Aniruddha Pangarkar

Assistant Professor of Marketing at the University of Wisconsin-Green Bay

Dr. Yibing Du

Clinical Assistant Professor at The University of Texas at Arlington

Dr. Christopher Newman

Associate Professor of Marketing at The University of Mississippi

Dr. Jayendra S. Gokhale

Associate Professor at the Daytona Beach Campus of Embry Riddle Aeronautical University

Denish Shah

Barbara & Elmer Sunday Associate Professor of Marketing, Director of Social Media Intelligence Lab, Co-Director of Marketing RoundTable

John Dinsmore, PhD

Associate Professor, Marketing at Wright State University

Dr. Mark Scanlan

Professor of Economics at Stephen F. Austin State University

Haibo (Stephen) Yao

Assistant Professor of Insurance & Risk Management at the University of Central Arkansas

David Marlett

Managing Director of Brantley Risk and Insurance Center, IIANC Distinguished Professor of Insurance at Appalachian State University

Jie Ying

Assistant Professor of Finance at Southern Illinois University Edwardsville

David Brownstone

Emeritus Professor of Economics at the University of California, Irvine

Richard Alderman

Director, Consumer Law Center at the University of Houston, Professor Emeritus

Ian Alam

Professor of Marketing School Of Business at SUNY at Geneseo

David B. Stewart, Ph.D.

Associate Professor of Finance at Winston-Salem State University

Steven Gattuso

Assistant Professor of Economics & Finance at Canisius College

Arati Kale

Assistant Professor at Providence College

Steve Fan

Associate Professor in Finance at the University of Wisconsin-Whitewater

Karl Kluegel

Peter H. Huang

Professor and DeMuth Chair of Business Law at the University of Colorado Law School

Rachel Davidson

Agency Owner, Licensed Insurance Agent for Alabama, Georgia and Florida

Dr. Patrick Bernard Washington

Associate Professor of Finance

Chris Brune

Associate Professor of Finance at Ouachita Baptist University

Derek Tharp

Assistant Professor of Finance; Ph.D., CFP, CLU, RICP

Anthony Rondinelli

Professor of Business

Linda Marie Nolin, MBA, ACB

Director of Graduate Business Programs & Professor of Practice in Business at Anna Maria College

Andrew Ching

Professor of Business and Economics at Johns Hopkins University

Emily Carlson Goenner

Assistant Professor, Herberger Business School at St. Cloud State University

Dr. Kelly Carter

Associate Professor of Finance at the Earl G. Graves School of Business and Management at Morgan State University

Methodology

Average rates are calculated based on 50/100/50 liability insurance and comprehensive and collision coverage with a $1,000 deductible. A 50/100/50 liability insurance policy is shorthand for car insurance with the following liability coverage limits:

• $50,000 in bodily injury liability insurance per person
• $100,000 in bodily injury liability insurance per accident
• $50,000 in property damage liability insurance per accident

These figures use a sample driver profile of a 40-year-old male driving a Toyota Camry with no record of tickets or accidents. MoneyGeek also analyzed a similar persona to define average rates for drivers with a ticket or accident on their record and a driver who chose 100/300/100 coverage. Learn more about premium costs and MoneyGeek's Methodology.

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How Much Is Full Coverage Car Insurance a Month

Source: https://www.moneygeek.com/insurance/auto/cheapest-full-coverage-car-insurance/

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