If you’re looking to insure your Cobalt, you can choose between several types of policies, including a state-required minimum liability policy or a full coverage one.
A policy offering minimum liability coverage meets state-mandated insurance requirements — and that’s it. If you cause a crash that exceeds the amounts listed on your policy, you have to pay the remaining balance and all of your own costs associated with the wreck out of pocket.
A full coverage policy provides more than a basic one. In addition to liability insurance, it also includes collision, which kicks in to pay for damages caused to your vehicle regardless of fault, and comprehensive, which pays to repair damages caused by vandalism or a weather-related event.
Under a full coverage policy, liability, comprehensive, and collision coverage protect you financially if you cause a crash.
In that situation, the liability portion takes care of any medical bills or damage claims filed by others involved. It won’t take care of your losses, but your collision coverage will, paying to repair or replace your car in any kind of crash — whether you caused it or someone else did.
Comprehensive takes care of damages that aren’t related to a crash. If your Cobalt is vandalized, for example, or gets damaged during a storm, comprehensive pays to have it repaired.
State Minimum Liability
States require drivers to have a minimum amount of liability coverage on the road. This ensures that every driver is financially responsible for a crash they cause, paying to treat bodily injuries and any property damages that result.
Requirements vary by state. Virginia, for example, has a 30/60/20 minimum liability requirement. That means a basic policy in Virginia must provide up to $30,000 to medically treat one person hurt in the crash that the driver with the basic policy caused, with up to $60,000 to cover two or more injured persons. The policy must also include $20,000 to cover property damage.