What Does Full vs Minimum Mean?
Full coverage is liability plus comprehensive and collision. Let’s break that down. Liability insurance consists of bodily injury/death (BI) and property damage (PD). In most states, that’s what your insurance will help you pay for if you cause an accident. But it won’t pay anything for your damages and injuries.
Comprehensive helps pay for repairs to your vehicle after an incident such as hail, a tree falling on it, and theft. Collision helps you pay for repairs to your car (or to someone’s fence) after an accident, no matter whose fault it is. Both of these protections help you pay for damage to your own vehicle.
Minimum is what your state requires you to carry. This is the cheapest insurance in Fort Collins. Here it consists of $25,000 BI for one person, $50,000 BI for all persons in one accident and $15,000 PD. This may sound like a good deal, but if you total someone’s brand new Ferrari, $15,000 isn’t going to go far. The rest will come out of your pocket (or if are successfully sued, seizure of your assets).
You can always increase the required minimum limits.