Progressive Insurance

When financing or leasing a vehicle, your lender may use the term “Progressive Insurance,” but that simply means they’re requiring you to carry comprehensive and collision plus anything else your state mandates. Liability is a required coverage in nearly every state, while comprehensive and collision (physical damage coverages) are optional.

Instead of asking, “is my car insurance full coverage?,” ask your agent or insurance company if you have the right coverages. Paying for every protection offered by your insurance company could be a waste of money. On the other hand, while your lender may consider state-minimum liability as sufficient, that may not be enough coverage to properly protect you and the other drivers on your policy. Your coverages should be customized to you, your family, and your vehicle.

Liability vs. full Progressive Insurance

Carrying liability-only coverage on your auto policy means you’re covered, up to specified limits, for damages or injuries you cause to someone else. A liability-only policy will not cover damages to your vehicle. You need to add comprehensive and collision coverages in order protect your vehicle against physical damage. Many lenders, agents, and car dealerships describe “full coverage” auto insurance as liability plus comprehensive and collision.

Should I add optional coverages?

Even if your lender doesn’t require any coverage, a new vehicle is an important investment and should be protected as such. Comprehensive and collision will pay for damages to your vehicle due to accidents and incidents that are both in and out of your control.

Progressive Insurance

If your vehicle’s value is extremely minimal (less than $2,000), it may not make sense to carry physical damage coverage. Should you decide to select liability coverage only, make sure you’ll be able to purchase a new vehicle out of your own pocket in the event it’s totaled and uninsured.

Extra coverage like roadside assistance or rental car reimbursement is typically inexpensive and can be purchased at your discretion as well.

How much is “full coverage” Progressive Insurance?

Adding physical damage protection and other optional coverages will cost more than a liability-only policy. How much more will depend on many factors, including the year, make, and model of the vehicle you want to protect, plus the deductible you select (the cost of comprehensive and collision coverage will decrease if you choose a higher deductible). Keep in mind that a policy with extensive coverage can be more affordable than you might think, as Progressive offers many discounts to help you attain cheap full coverage car insurance.

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