Broad Form Insurance Coverage
Broad form insurance is car insurance that provides the bare minimum on your policy. Car insurance coverage requirements vary by state, so the cost of broad form insurance varies, and it is not available in all states. On average, broad form insurance costs $46 per month. Broad form insurance quotes vary by location and other factors.
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UPDATED: Mar 31, 2021
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- Broad form insurance only covers the owner of the policy and no one else
- Your broad form insurance policy won’t cover damages to your car or your bodily injury
- Broad form insurance is only available in 11 states
If you’re looking for a straightforward car insurance policy with low prices, you may want to enroll in broad form insurance. Broad form car insurance is known for its low price and minimum coverage options.
What is broad form insurance? Continue reading to learn everything you need to know about broad form insurance and how to reduce the cost of auto insurance.
Broad form insurance may not be available in your state, but you can use our free comparison tool above to compare the top car insurance companies in your area.
What is broad form car insurance?
Broad form insurance is essentially a liability car insurance coverage that provides the minimum car insurance requirement for one person. If you’re the sole driver of your vehicle, broad form auto insurance may be right for you.
Broad form insurance only covers and injuries to other drivers. That means you won’t have any coverage for damages to your car. With broad form insurance, you won’t be able to add collision coverage.
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How much is broad form car insurance?
The best way to estimate the cost of broad form insurance rates is to look at liability-only car insurance. Since broad form insurance only requires the minimum requirements for auto insurance (liability auto insurance coverage), you’ll likely pay liability-only rates.
But there’s a catch – broad form insurance quotes are only available in 11 states. The national average for liability-only coverage is $46 per month. Let’s examine the liability-only car insurance in the states that allow broad form car insurance.
|States||Monthly Liability Car Insurance Rates|
Iowa is the cheapest state for liability-only coverage, but Delaware is the most expensive. This may be due to Iowa’s urban to rural area ratio.
These estimated costs were reported by the National Association of Insurance Commissioners (NAIC). Although broad form insurance rates vary, the NAIC numbers are close to what you can expect.
Another factor that will influence your broad form insurance rates is the car insurance provider. Some of the best car insurance companies may not offer it, but broad form insurance at Progressive is available.
Five Ways to Save in States without Broad Form Car Insurance
Before we move on, let’s examine some pros and cons of broad form insurance.
|Broad Form Insurance Pros||Broad Form Insurance Cons|
|Cheaper than average prices||Minimum coverage|
|You can add it to multiple vehicles that you own||It won't cover other drivers|
|Provides the same capabilities as liability car insurance coverage||Lowest coverage limit may not cover the cost of damages or injuries|
There are a few gaps in broad form insurance. If you decide you don’t want it or if your state doesn’t provide it, you can follow these five methods to save money on auto insurance.
- Comparison Shop – Shop around for the cheapest policy. Our free comparison tool is a quick way you can find affordable car insurance in your area
- Bundle Insurance Policies – If you rent an apartment or own a home, think about bundling your renters or homeowners with your auto insurance policy to save money
- Discounts – Take advantage of discounts whenever they are available; ask your agent for more details
- Maintain a Clean Driving Record – The fastest way to affordable broad form insurance or any insurance coverage is a clean driving record
- Raise Your Deductible – Car insurance providers will give you a break on car insurance if you raise your deductible
Consider each of these methods to save money before you buy broad form insurance. You may get a better deal if you keep looking.
Broad Form Car Insurance: The Bottom Line
If you want to spend the minimum on car insurance, a broad form insurance company is right for you. However, you won’t receive the same perks as liability coverage.
You will pay significantly less than the average full coverage premium per month, but there will be a ton of things you’ll miss. Make sure you consider the risk of having less coverage.
Now that you know more about broad form insurance, enter your ZIP code in the free online quote tool below to compare multiple companies in your local area.
Frequently Asked Questions: Broad Form Car Insurance
Let’s wrap up our broad form insurance review by answering a few frequently asked questions.
#1 – Should you get broad form car insurance?
That depends. If you want to get the most out of your car insurance budget, you should buy broad form insurance. However, you won’t get the same perks as full coverage car insurance.
#2 – What’s the difference between broad form car insurance and liability car insurance?
Broad form insurance is liability-only coverage with no customizable options, but liability car insurance allows you to raise your coverage limit and add other coverages.