The title is a pun on the phrase "full coverage"
Porky answers the door to Daffy, a pushy insurance salesman, who tries to convince Porky to sign up for a one-million-dollar insurance policy because of getting a simple black eye (although there is some fine print to it). Although Porky is temporarily tempted, he calmly escorts Daffy to the door. However, Daffy is not about to give up - he follows Porky around the house, stopping him from doing potentially dangerous things and warning him off. For example, when Porky forgets a screwdriver in his oven, he lights a match and looks inside, pulling the screwdriver out. Daffy runs in, telling Porky about the dangers of using a match in an oven. Instead, he should have used a flashlight, as Daffy demonstrates - just as the oven explodes in his face.
Still trying to convince Porky of the dangers around the house, Daffy stuffs a closet full of junk, and proceeds to ask Porky for some items (such as a golf club), with Porky each time saying he doesn't have it. By the end, Daffy is desperate and asks if Porky has a yo-yo. Porky confirms he has one, and tells Daffy it's in the back of the closet. Daffy runs to the closet and opens the door, causing all the junk to fall on HIM - although he comes out of it, glumly playing with the yo-yo.
Daffy saws a hole in the floor, then places two rocking chairs. He coaxes Elmer to rock. Then Daffy sits in the other rocking chair and he falls in the hole down into the cellar.
In the end, Porky is convinced that Daffy is right - the home is full of hazards (having seen all the accidents befallen Daffy), and he signs up for Daffy's policy, convinced all he has to do is get a black eye, and he'll get a million dollars. Daffy, however, cackles that Porky should have looked at the fine print - the million dollars is only paid out for a black eye as a result of a stampede of wild elephants running through his house between 3:55 and 4 PM on the Fourth of July, during a hailstorm. Porky is momentarily rebuffed, until a stampede of wild elephants comes through his living room! Daffy then nervously looks at the clock - 3:57 PM. The calendar - 4th of July. He sticks his head outside - hailstorm! Porky displays his new black eye and asks to be paid, but Daffy tells him that the clause said "a stampede of wild elephants and one baby zebra" (even though he made up the part about the zebra) - and just then, a baby zebra comes trampling through the room. Daffy, laid out on the floor, picks himself up to wearily proclaim, "And one baby zebra!" before passing out.
- The short reuses the animation for the stampeding elephant from "Room and Bird". The animation is repeated five times to make it look like it was a whole herd of elephants stampeding through.
- The opening music on the title card sounds very similar to the one from "Doggone Cats".
- The working title was "Premium Ham".
- Recent airings on Boomerang have the restored version with the original opening and ending rings. In fact, the restored version aired on Boomerang approximately four times.
- Despite Porky being injured in the title card, he isn't injured that much in the short.
also see the List of Daffy Duck cartoons