18 Oct Do You Really Know What Car Insurance You Are Purchasing? 3 Insurance Coverages To Look For
I often see commercials and ads from large insurance companies saying they will save you money on your auto insurance policy. But are you just saving money on the front end just to have less coverage and to be spending substantially more money when an accident may happen later? Often times, the answer is yes. Insurance companies, for the most part, can make large policy rate reductions only if they minimize your coverage. Now there are discounts due to your age, location, and being a safe driver but those discounts only go so far.
Therefore, the next time your insurance company or agent tries to tell you they can substantially lower your coverage rate, I would make sure your insurance policy coverages stay the same and I would make sure your policy contains these 3 coverages.
Uninsured/ Underinsured Motorist Coverage: Above all, this is the most important coverage to have on your policy. There is currently no requirement to have bodily injury coverage in the State of Florida. That means someone can hit you and their insurance company would not have to pay compensation for your injuries. Or, they could have bodily injury coverage, but it may not be enough coverage to cover your medical expenses and other damages. You could file a claim against them personally, but if they do not have any assets, you are in the same position. Therefore, you must protect yourself and make sure you have uninsured/underinsured coverage in order to help cover any medical and other accident related expenses that arise should an incident occur. This is also an optional coverage so unless you ask for it, you are likely not to get it.
Rental Car Coverage: There is no requirement in the State of Florida to have rental car coverage. The other party that causes the accident may not have coverage to cover the cost of your rental car. Therefore, you must cover yourself and make sure that you have rental car coverage in order to cover any rental costs that may arise should an accident occur.
Collision Coverage: The requirement for property damage insurance in the State of Florida is $10,000. That means the other party is only required to have $10,000 of coverage to pay for the damages to your car and property. Therefore, should the damages exceed $10,000, you would be on the hook personally for the balance. That would include the balance of any note you have on your vehicle should it be deemed a total loss. Therefore, you should make sure your policy has collision coverage that covers the value of your car in the case of excessive repair costs or a total loss.
I want to make it clear that I am not an insurance agent, nor do I hold myself out as any insurance expert with any type of licensure. But, as Personal Injury and Accident Attorney that handles these cases each day, I often see clients go through difficult financial times and coming out of pocket because they did not purchase these coverages. Do not allow the insurance companies to lower your insurance rates so much so that you are not protecting yourself. Be sure to make sure you and your family have the right insurance coverage so should an accident occur, you focus much more on getting healthy and much less on if there is enough insurance coverage in order for that to happen.
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