65% of vehicle owners report having full insurance coverage, according to new study

Most people, 65%, have full insurance coverage for their vehicles, while 16.8% have partial insurance coverage, according to a Zelros study of over 1,000 people. With a possible recession, what is better for your needs? 

The largest age group that surveyed saying they only had partial coverage was the 18-24 year-old age group, with 20% only having basic liability coverage. This age group also had the highest percentage of not having vehicles at all, with 21% surveying that they do not have a vehicle.

So what’s the difference between full coverage and partial coverage?

Partial coverage, or liability coverage, will likely only cover the cost when the insurance policy holder is at fault and causes either property damage or bodily injury to another individual. Full coverage includes this liability coverage and additionally covers collision damage regardless of whether the holder is at fault and more comprehensive coverage, for example if a tree limb falls onto your car. 

Typically, full coverage is a safer bet, but as vehicles age, the cost of full coverage insurance may not be worth it. As cars get to be around 10 years old, it may be worth checking in with your insurance provider to assess its value and see if full coverage or partial coverage is the right choice for you. Modern technology like Zelros provides is making risk assessment more accurate, giving people the most cost effective insurance options available: if you’re looking to save money, review your policy with your insurance provider regularly.