Freeway Insurance has several auto insurance options, including state minimum liability and full coverage, plus any number of other amounts and options
Full coverage policies consist of liability, collision, and comprehensive insurance.
They offer a broad range of protections compared to state minimum liability, most notably with first-party benefits covering damages due to collisions. These policies also cover events outside of your control such as theft, vandalism, and falling tree limbs.
One scenario where you may be required to obtain a full coverage policy is through your finance company. If you have an open loan balance, expect to have to pay for full coverage with high liability limits (e.g. 100/300/100). Remember that your finance company technically owns your vehicle until the loan or lease is paid in full, so the higher liability limits help preserve its value.
If you can afford it, go for a full coverage policy with higher liability limits over a state minimum policy. With the average cost of a new vehicle over $40,000, a single-car accident can easily blow past the $5,000 property damage liability limit in California, forcing out-of-pocket expenses that could dent your monthly finances for the months and years to come.
State Minimum Liability
All states require that you carry minimum liability limits.
State minimum liability offers third-party benefits — bodily injury liability coverage and property damage liability coverage. BI coverage pays for medical expenses, pain, suffering, and lost wages up to your policy limits.
The same goes for property damage liability coverage, which covers vehicle repairs, property repairs, and similar instances.
Every state has its minimum liability limits. For example, California drivers must carry liability limits of $15,000 for bodily injury liability per person. $30,000 in bodily injury liability per accident and $5,000 in property damage per accident.