When it comes to auto coverage, 79% of Americans opt for comprehensive coverage and 75% purchase collision coverage, according to the Insurance Information Institute's review of 2020 data.
Nerdwallet.com noted that full coverage is not a type of policy, but rather a collection of policies, such as liability, comprehensive and collision coverages as well as any other coverages that might be required by state law. As it offers vastly superior protection, full coverage auto costs more than double the cost for minimum-required coverage.
Regardless of the level of coverage, most U.S. drivers are seeing their auto insurance costs grow as Insurify, Inc. reported that the average auto rate increased 17% during the first half of 2023.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
