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Inside this Article
Why must we carry auto
insurance?
What auto insurance coverage?
What types of auto
insurance coverage to choose from?
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A question you might ask yourself is: why must we carry auto
insurance? Hopefully one answer you should hear is to protect
yourself and your car.
For those same reasons the government also
requires you to have car insurance.
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The state of Florida requires you to carry at least
the minimum requirements, which is property damage at ten thousand
dollars and personal injury protection at ten thousand dollars.
Property damage covers another person's vehicle if you are at
fault in an accident.
Personal injury protection covers 80 percent
of medical expenses and 60 percent of loss wages as well as up to
a five thousand dollar death benefit for you and your relatives
(that reside with you), minus the deductible if it applies.
This
coverage would protect you in case there is any damage to other
vehicles and gives you medical coverage for yourself. There are
many different types of auto insurance coverage to choose
from, depending on what you want covered and what you can afford.
Where should you get started?
First you should ask yourself if you have enough coverage in case of
an incident occurring. Besides the minimum requirement coverage
previously mentioned, there is another type of coverage that is very
important, bodily injury.
Bodily injury coverage is not required by the state of Florida until
you get into an auto accident. This would cover you if you were at fault
in an accident and the person in the other vehicle suffered injuries
exceeding their personal injury coverage. If you did not have this
coverage the other party has the right to sue and the state may place a
financial responsibility on your motor vehicle report, which you would
have to carry for 3 years. That financial responsibility is called an
SR22.
Uninsured motorist is another coverage you may want to consider.
Uninsured motorist covers you if the other party was at fault and you
were injured (exceeding your personal injury coverage) and they did not
have bodily injury coverage. You may use this coverage to cover the
difference of your injuries.
Where does you car fit for injury theft and collision? What about
your dream car? Take a look at this run down based on 2000-2002 HLDI
data:
There are two more very important types of coverage that you might
want to explore they are: comprehensive and collision.
Comprehensive coverage would cover your vehicle in the event of fire,
theft, vandalism, hail storm damage or any natural causes minus the
deductible you agreed upon when purchasing your insurance.
Collision coverage would cover physical damage to your vehicle, if
you were at fault in the accident, minus the deductible. The insurance
company would pay the actual cash value of your vehicle. If your
vehicle is financed comprehensive and collision coverage are possibly
are required by your lending institution.
Extra medical payment coverage can also be provided if you are
interested and the list goes on. All types of coverage are important but
the reality of it is, what we can afford? Keep in mind your life and
your family is very important so having insurance should be one of your
main priorities.
With the web easily accessible you have a vast amount of knowledge at
your fingertips to help you choose the best coverage for you and your
lifestyle. Life is too short, get good advice and get the right insurance
coverage for you and your family.
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