diff --git a/src/languageservice/services/yamlCompletion.ts b/src/languageservice/services/yamlCompletion.ts
index 513a23d6..25188cbe 100644
--- a/src/languageservice/services/yamlCompletion.ts
+++ b/src/languageservice/services/yamlCompletion.ts
@@ -1116,7 +1116,7 @@ export class YamlCompletion {
           case 'anyOf': {
             let value = propertySchema.default || propertySchema.const;
             if (value) {
-              if (type === 'string') {
+              if (type === 'string' || typeof value === 'string') {
                 value = convertToStringValue(value);
               }
               insertText += `${indent}${key}: \${${insertIndex++}:${value}}\n`;
@@ -1230,7 +1230,7 @@ export class YamlCompletion {
       case 'string': {
         let snippetValue = JSON.stringify(value);
         snippetValue = snippetValue.substr(1, snippetValue.length - 2); // remove quotes
-        snippetValue = this.getInsertTextForPlainText(snippetValue); // escape \ and }
+        snippetValue = getInsertTextForPlainText(snippetValue); // escape \ and }
         if (type === 'string') {
           snippetValue = convertToStringValue(snippetValue);
         }
@@ -1243,10 +1243,6 @@ export class YamlCompletion {
     return this.getInsertTextForValue(value, separatorAfter, type);
   }
 
-  private getInsertTextForPlainText(text: string): string {
-    return text.replace(/[\\$}]/g, '\\$&'); // escape $, \ and }
-  }
-
   // eslint-disable-next-line @typescript-eslint/no-explicit-any
   private getInsertTextForValue(value: any, separatorAfter: string, type: string | string[]): string {
     if (value === null) {
@@ -1259,13 +1255,13 @@ export class YamlCompletion {
       }
       case 'number':
       case 'boolean':
-        return this.getInsertTextForPlainText(value + separatorAfter);
+        return getInsertTextForPlainText(value + separatorAfter);
     }
     type = Array.isArray(type) ? type[0] : type;
     if (type === 'string') {
       value = convertToStringValue(value);
     }
-    return this.getInsertTextForPlainText(value + separatorAfter);
+    return getInsertTextForPlainText(value + separatorAfter);
   }
 
   private getInsertTemplateForValue(
@@ -1290,14 +1286,14 @@ export class YamlCompletion {
           if (typeof element === 'object') {
             valueTemplate = `${this.getInsertTemplateForValue(element, indent + this.indentation, navOrder, separatorAfter)}`;
           } else {
-            valueTemplate = ` \${${navOrder.index++}:${this.getInsertTextForPlainText(element + separatorAfter)}}\n`;
+            valueTemplate = ` \${${navOrder.index++}:${getInsertTextForPlainText(element + separatorAfter)}}\n`;
           }
           insertText += `${valueTemplate}`;
         }
       }
       return insertText;
     }
-    return this.getInsertTextForPlainText(value + separatorAfter);
+    return getInsertTextForPlainText(value + separatorAfter);
   }
 
   private addSchemaValueCompletions(
@@ -1669,6 +1665,13 @@ export class YamlCompletion {
   }
 }
 
+/**
+ * escape $, \ and }
+ */
+function getInsertTextForPlainText(text: string): string {
+  return text.replace(/[\\$}]/g, '\\$&'); //
+}
+
 const isNumberExp = /^\d+$/;
 function convertToStringValue(param: unknown): string {
   let value: string;
@@ -1681,6 +1684,8 @@ function convertToStringValue(param: unknown): string {
     return value;
   }
 
+  value = getInsertTextForPlainText(value); // escape $, \ and }
+
   if (value === 'true' || value === 'false' || value === 'null' || isNumberExp.test(value)) {
     return `"${value}"`;
   }
diff --git a/test/autoCompletion.test.ts b/test/autoCompletion.test.ts
index eba8fa6d..173eb37b 100644
--- a/test/autoCompletion.test.ts
+++ b/test/autoCompletion.test.ts
@@ -931,6 +931,34 @@ describe('Auto Completion Tests', () => {
         );
       });
 
+      it('Autocompletion should escape $ in defaultValue in anyOf', async () => {
+        schemaProvider.addSchema(SCHEMA_ID, {
+          type: 'object',
+          properties: {
+            car: {
+              type: 'object',
+              required: ['engine'],
+              properties: {
+                engine: {
+                  anyOf: [
+                    {
+                      type: 'object',
+                    },
+                    {
+                      type: 'string',
+                    },
+                  ],
+                  default: 'type$1234',
+                },
+              },
+            },
+          },
+        });
+        const content = '';
+        const completion = await parseSetup(content, 0);
+        expect(completion.items.map((i) => i.insertText)).to.deep.equal(['car:\n  engine: ${1:type\\$1234}']);
+      });
+
       it('Autocompletion should escape colon when indicating map', async () => {
         schemaProvider.addSchema(SCHEMA_ID, {
           type: 'object',