By Alexis Karapiperis | CSR at Learnandserve.org | Powered by A Plus Insurance
Difference Between Liability Arkansas Car Insurance and Full Coverage
In order to know what it means to have cheap insurance in Arkansas, you have to know what makes a auto policy full coverage or just liability insurance. It is clear that only having liability insurance can affect the price range but it will also limit your coverage.
Liability Car Insurance in Arkansas
If you are unfamiliar about what exactly liability insurance is and what it covers, read the following:
Liability insurance is mandatory in all the States across the US. Each State, however, has different limits set for what they require to be the minimum held on an insured’s policy.
| Liability |
|---|
| Liability insurance is important, and usually required, insurance to have on your auto insurance policy. If you are deemed at fault in a car accident, and are the cause of bodily injury and property damage expenses, you are legally responsible to cover that cost. |
For example, in Alaska and Maine, the minimum requirement that must be held for liability only is 50/100/25. Whereas, in Florida for liability only, the minimum is 10/20/10.
Let’s dive into these numbers a little more using Arkansas minimum liability limits:
| Minimum Amount | Explanation |
|---|---|
| $25,000 | Bodily Injury for a single person |
| $50,000 | Bodily Injury for more than one person |
| $25,000 | Property Damage |
Having liability on your policy ensures that if you are found responsible in the cause of an accident, that you have adequate insurance to cover the costs for the other party that was injured.
This means that if events were switched, and the other party was found responsible for the case of the accident, their insurance would cover the cost for your injuries or for damage done to your vehicle at the time.
Although States require a minimum amount for liability, it is highly encouraged to increase those limits. This is due to most car accidents being of higher value than what is required. Therefore, if you have $25,000 for property damage but the property damage was valued at $35,000, you would then be held responsible for paying the remaining $10,000 after insurance had covered the $25,000.
Full Coverage Car Insurance in Arkansas
Full coverage insurance is having Comprehensive and Collision coverage added on a vehicle.
Full Coverage is an additional coverage that you are able to apply on your policy so that you are covered in any accident or situation that were to occur.
Collision and Comprehensive coverage combined is considered full coverage, the difference between the two can be a tad bit confusing but here is the break down:
| Coverage | Explanation |
|---|---|
| Collision Coverage | Collision insurance protects your car from damage sustained in an accident. Collision coverage would take care of fixing your car, minus the deductible of course, if you skidded out on a slick road and ran into a tree. |
| Comprehensive Coverage | Comprehensive insurance protects it against damage sustained in non-accident situations including storms, flooding, hail, vandalism, and theft. |
When you have full coverage on your policy and have to use it after an accident occurred, you will first need to pay a deductible.
Typically with full coverage policy’s, a deductible amount will either be of $500 or $1,000. This will need to be paid first before your insurance carrier will cover the remainder of the cost for the damage of the vehicle.
With insurance carriers, the higher you set your deductible, the lower your monthly premium will cost. The reason for this is that a carrier will view you as taking on more financial responsibility, thus, lowering your cost per month.
Should I Get Full Coverage Calculator
The full coverage calculator helps provide the information of what is best suggested for the vehicle and you!
Cheap Arkansas Car Insurance
When searching for cheap Arkansas car insurance between carriers, you will normally find these general coverages offered amongst the carriers.
Each carrier will offer more unique coverages given the policy type.
Feel free to chat with an agent to see what other additional coverages you could apply onto your policy.
| Coverage | Definition |
|---|---|
| Bodily Injury Liability Insurance (BI) | Bodily injury liability insurance is designed to pay medical expenses for someone else if you injure them in an accident where you’re deemed to be at fault. This coverage can apply to you and to anyone else listed as a driver on your policy |
| Property Damage Liability Insurance (PD) | Property damage liability insurance also covers you in accidents in which you’re at fault. It pays for repairs to the other driver’s vehicle or other property you may damage. |
| Medical Payments or Personal Injury Protection Insurance (PIP) | If you or a passenger in your vehicle are hurt in an accident, medical payments or personal injury protection coverage can help pay any resulting medical bills. This type of coverage can also cover lost wages if you or an injured passenger are unable to work or funeral expenses if someone in your vehicle dies because of an accident. |
| Collision Coverage | While property damage liability insurance pays for damage to someone else’s vehicle or property following an accident, collision coverage pays for damage to your own vehicle or property. That can include damages caused by a collision with another vehicle or hitting a stationary object, such as a tree or fence |
| Comprehensive Coverage | Comprehensive coverage reimburses you for loss, theft, or damage to your vehicle caused by something other than a collision. For example, that can include fire damage, damage from hail and other falling objects, or damage caused by animals |
| Underinsured/Uninsured Motorist Coverage | Underinsured motorist coverage can protect you if you’re involved in an accident where the driver who’s at fault doesn’t have sufficient insurance. Uninsured motorist coverage is meant to protect you if you’re in an accident with a driver who has no insurance at all. |
Cheap Insurance in Arkansas
| Carriers | Liability | Full Coverage |
|---|---|---|
| Diaryland | $81 | $134 |
| Gieco | $93 | $168 |
| Progressive | $99 | $136 |
| Assurance America | $101 | $160 |
| General | $104 | $182 |
| Acceptance RTR | $105 | $164 |
| National General | $106 | $151 |
| Mendota | $108 | $163 |
| Bristol West | $109 | $132 |
| American Family | $112 | $186 |
| Safeco | $116 | $208 |
| 21 Centry | $139 | $172 |
| USAA | $139 | $178 |
| State Auto | $140 | $180 |
| Gainsco | $149 | $167 |
| Liberty | $149 | $178 |
| Travelers | $149 | $209 |
| Farmers | $151 | $146 |
| State Farm | $151 | $203 |
| Nationwide | $153 | $163 |
| AA State | $164 | $174 |
Different insurance companies have different way’s on how they rate the prices for the state. These listed prices are an idea of the average cost for liability and full coverage policy.
However, prices are subject to change due to insurance carriers factoring in things such as your driving history, car history, license number, violations, etc.
The way to get a good quote is to provide the information needed for the agent and they will give you the best-looking quotes set just for you in your area.
Overall Thoughts For Cheap Arkansas Insurance: Full Coverage
If Full coverage does not seem like a financial option, then having just liability will decrease the pricing because it is not an added coverage. Although, having just having liability means less coverage or safety when in the event of an accident.
Look into some cheap Arkansas car insurance for you, there are many options on what best fit’s you for every situation!
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Last Updated on by Amanda Moss