What “full coverage” really means
No insurer sells a product literally called “full coverage.” The phrase is shorthand for a policy that combines your state-required liability with collision and comprehensive. That is it — three coverages people bundle under one convenient label.
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When liability-only makes sense
If your car is older and paid off, and you could comfortably replace it out of pocket, liability-only can be a rational choice. The savings from dropping collision and comprehensive may outweigh a payout that would be capped at a low actual-cash-value figure anyway.
When full coverage is worth it
If you are financing or leasing, your lender almost certainly requires collision and comprehensive. And even on a paid-off car, full coverage makes sense whenever losing the vehicle would be a genuine financial hardship.