keyboard_backspaceBack to main blog page

The Jordan Insurance Group - Blog

With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.

Pros and Cons of Full Coverage vs. Liability Only Car Insurance

William Jordan William Jordan , 7/11/2014
This content has not been rated yet.

The Jordan Insurance Group, MD, Car InsuranceWhen you're looking for cheap auto insurance, you'll have to make some choices about what coverage you need and what coverage you can skip to reduce the cost of your premiums. While all states require some form of liability insurance, full coverage insurance that includes comprehensive and collision coverage is typically optional. Here's some of the pros and cons of getting full coverage and getting liability only. 

Full Coverage Pros - Don't need to worry about replacing car if it is totaled because insurance will pay for replacement - Meets comprehensive and collision coverage requirements of lenders and leasing companies - Pays for damages to car in hit and run accidents or damages from many types of weather Full Coverage Cons - More expensive than liability only, although you can still find cheap auto insurance with full coverage - Still have to pay your deductible on most claims before the insurance will kick in and pay the rest of the repair cost - Coverage can get more expensive after an accident or moving violation Liability Only Pros - The best cheap car insurance will have only liability, giving you the lowest cost for premiums - Ideal if you drive an older car that is not worth much anyway, because you'd get little value out of making a claim - Allows you to have more money available to save in a bank account for buying your next car or paying for repairs if needed Liability Only Cons - Leaves you financially vulnerable because you might have to pay out of pocket to replace your vehicle if it's totaled - Doesn't have other perks, like towing service if you break down or rental car use while your car is in the shop - Is not allowed by many lending and leasing companies that require you to cover physical damages too. The Jordan Insurance Group can help you find the best policy to suit your needs. Content provided by Transformer Marketing.