We offer many types of insurance at Tackett Insurance, Inc. in Memphis, TN, including full coverage. Full coverage auto insurance is more expensive than liability insurance, so it’s natural to wonder if you need it. Is saving money with liability only worth the risk?
What is Full Coverage Insurance?
Insurance companies don’t provide insurance packages titled "full coverage". However, full coverage usually means that you have liability insurance plus comprehensive and collision coverage.
In simple terms, liability insurance protects you in case you cause damage to someone else’s vehicle. Most plans also cover medical expenses incurred by the other party due to an accident.
Comprehensive and collision coverage provides protection for your vehicle. If your vehicle is damaged, this type of coverage will pay for the repairs or the cost of your vehicle. Most plans also cover any medical bills you sustain due to an accident.
Who Needs Full Coverage
If you have a loan on your vehicle, many companies will require you to have full coverage insurance. If the vehicle is totaled in an accident, and you refuse to pay for it, the lien holder won’t recoup much of their money with a destroyed vehicle. Regardless of whether you have a lien on it, full coverage is wise if you have a newer or valuable vehicle.
The cost of insurance premiums is well worth the peace of mind of knowing that your car will be fixed or you will have the money to replace it in the event of an accident.
Do Good Drivers Need Full Coverage Insurance?
Everyone is legally required to carry liability insurance, which means if there’s an accident and its the other party’s fault, their insurance should cover the damage. However, even though the law states every vehicle should be insured, not everyone follows it. If someone without insurance hits you, you will need full coverage insurance to cover the damage.
It’s also important to realize that even good drivers can have an accident. If you can’t afford to replace or repair your vehicle in the event an accident occurs, then you need full coverage insurance.
If you need insurance or would like to see if you have enough coverage for your needs, contact us at Tackett Insurance, Inc. in Memphis, TN. We would be happy to discuss your situation with you and provide you with the right coverage.