When it comes to vehicle safety and protection on the road, understanding your auto insurance options is necessary. At Lopez Auto Insurance, we understand how daunting this entire process of claiming your insurance can be. In this blog we will discuss the entire concept of full coverage insurance for your vehicle as well as the benefits for all Texas residents. Here’s to help you make the right choice.
Table of Contents
What is Full Coverage Auto Insurance?
The term “Full coverage Auto Insurance” refers to all common types of coverages, such as liability and collision coverage. In Texas, this means that you’re not only protected against damages caused by you but also against any damages your vehicle incurs.
Liability Coverage: This is the minimum requirement in Texas, covering any bodily injury or property damage that you may have caused during an accident. Although it is legally mandated by the court, it sometimes leaves a gray area in your full coverage protection.
Comprehensive Coverage: This section of the policy protects you against non-collison or non-accidental incidents such as theft, vandalism, arson, and natural hazards. Texas is typically known for it’s harsh weather, including hailstorms and floods, making this section particularly pertinent to most drivers.
Collision Coverage: As the name suggests, this plan protects you from any sort of collision, regardless of who’s at fault. Collision coverage helps you ensure your vehicle can be repaired or replaced in case of an accident.
The Importance of Full Coverage In Texas
Let’s explore some of the numerous benefits one can obtain from full coverage auto insurance in Texas that can provide you financial security as well as peace of mind.
Rising Liability Risk:
Texas has the highest number of registered vehicles in the States. Which is why more vehicles on the road means more chances of accidents. In this case, insurance companies suggest the residents cover liability as well as collision coverage as a part of full coverage to protect you against damages to other parties as well as your own vehicle. If not, you’ll be left to cover these expenses out of pocket if your vehicle sustains any damages.
Leasing Requirements:
In the case of leasing or financing a vehicle, lenders often require you to get insured under the full coverage insurance plan to back their investment. Often times, companies do not allow a lease investment as it is a huge financial risk or may charge penalties, which is yet another reason to opt for the full coverage plan.
Higher Resale Value:
If you plan on selling your car in the future, it’s important to maintain the current condition of your vehicle, as any damages caused will rapidly increase it’s depreciation and sometimes even diminish it’s value for potential buyers. With the help of full coverage, your vehicle will be repaired properly without breaking your bank or losing any more of your money.
The Financial Safety Net:
Full coverage offers a variety of financial protection options, from covering your repair costs, vehicle or parts replacement, and even medical expenses in case of any injury to both parties. It’s better to be on the safe side of the road as well as have a protection plan when it comes to making a decision.
Full Coverage Vs. Liability Insurance in Texas
Even though liability insurance is legally mandated and fulfils the basic requirement of being auto-insured, it still has a few limitations when compared to full coverage. As stated above, liability insurance only covers damages caused to the other party incase of an accident you have caused. It does not cover you from any of the losses or injuries sustained in the same accident.
On the contrary, full coverage offers you liability coverage along with additional safeguards through collision and comprehensive coverage.
FAQ’S
Do I need uninsured motorist coverage if I have collision and comprehensive in Texas?
Comprehensive and collision coverage will cover damages to your vehicle in an accident, whether or not you were at fault. If you have comprehensive and collision coverage, you may not need UM/UIM property damage coverage, but none of these cover bodily injury.
What’s the average cost of car insurance in Texas?
The average cost of liability-only auto insurance is $119 per month, or $1,428 per year. Drivers who buy full-coverage car insurance have to pay an average of $245 per month, or $2,941 per year.
What are the collision rules in Texas?
In Texas, it is a legal obligation of a driver to report a car accident to law enforcement if the accident results in injury, death, or property damage exceeding $1,000. The rule requires the accident to be reported within ten days of the incident. Failure to report a qualifying accident can result in legal consequences.
What does Texas mandate as full coverage?
Texas law requires you to have at least $30,000 of coverage for injuries per person, up to a total of $60,000 per accident, and $25,000 of coverage for property damage. This is called 30/60/25 coverage. Think about buying more liability coverage.
Summary
The benefits of full coverage auto insurance in Texas are numerous and cannot be overlooked. Especially for people with daily outbacks or jobs requiring constant back and forth on the road, opting for full coverage is not only driver-friendly but also, for their peace of mind, a sound financial decision. With the help of a combination of comprehensive and collision, you can protect your vehicle from any forthcoming risks.
In the long run, full coverage is not just a policy but an investment. It provides you safety on the road, financial security, and peace of mind. And the best ways to obtain this service is through research or visiting a nearby Insurance company. Lopez Auto Insurance specifically caters to your needs, offering you a wide variety of plans, from liability insurance to full coverage, protecting your auto-insurance needs at an affordable rate. We have 11 branches throughout Texas, so visit our nearby office or contact us now, and we will take care of you.
