What does it mean when a policy is ‘fully paid up?’

There are a lot of drivers these days who may want to take their families to the top 10 family attractions in Florida but are afraid to do because of the high costs of other things that they have to budget for — like their car insurance.

If you’re in a similar situation, you may be considering turning to a cheap but disreputable insurance company or gouging your own insurance coverage in order to save money, but there’s no reason why you have to skimp on the coverage you need to get the rates you want. This may shock you, but if your insurance company offers a paid-up option, you might be able to save money in the long run by paying more upfront.

With affordable fully paid-up car insurance, you can obtain insurance that protects your car and your budget at the same time. Keep reading to learn how you can get free fully paid up car insurance quotes and start saving on your insurance.

If you can’t wait to start reviewing fully paid insurance quotes, enter your ZIP code to receive free car insurance quotes.

What is fully paid up car insurance?

When you request fully paid up car insurance quotes, you are letting an insurance company know that you are willing to make one lump sum payment to purchase your coverage instead of paying for it on a monthly basis. This is looked upon favorably by many insurance companies as it means that there is less of a chance that you’ll miss making any payments.

What are the benefits of paying for car insurance in full?

While there may be some weird laws in Florida, one that makes is this: You must have an active insurance policy to drive on the road. Having car insurance protects both yourself and other drivers whenever you start your car, but if you decide to buy fully paid up car insurance, you could reap even more rewards.

For example, if you pay for your car insurance in full, you’ll most likely be able to get a discount from your insurance company. On top of that, if you decide to cancel your policy in the middle of your policy period, you would most likely get a refund as well.

Now, you may think that paying for your car insurance in full will make you eligible to receive paid-up additions as you would be with some life insurance policies, but that isn’t the case.

What are paid-up additions?

How much does car insurance cost?

Fully paid-up car insurance rates are influenced by a number of factors. When you request a quote, an insurance company requires you to share a lot of personal information so your quote can be sent through the underwriting process. It is through this process that insurance companies determine what your rate will be. In order to get an accurate rate, you must share your age, gender, marital status, driver’s license number, and more.

Your location in particular plays a very big role in your rate calculation. Just take a look at how rates can change depending on what Florida city you live in:

Florida Car Insurance Rates by City

As you can see, even if your car insurance company provides fully paid-up insurance discounts, you could still face a high rate. Thankfully, there are other ways you save money on your insurance.