Things to Consider When Buying Auto Insurance

Buying auto insurance means thinking about the future and no one wants to believe they may one day be involved in an accident. But it’s important to prepare for anything, and the best way to protect yourself is to purchase the right insurance.

Florida Minimum Requirements

Florida is a no-fault state, which means that if you are injured in an accident, your own car insurance is required to cover 80% of your medical bills and 60% of your lost wages. This coverage is known as personal injury protection (PIP), and Florida requires all drivers to have a minimum of $10,000 in coverage. Florida also requires that you have $10,000 in property damage liability (PDL) to pay for any damage to the other driver’s vehicle if you were at fault.

Coverage Options to Think About

While you may be tempted to take your chances and save a little money by only carrying the minimum amount of car insurance, this could hurt you down the road. You should also consider purchasing the following:

• More Personal Injury Protection: Medical bills are expensive, and $10,000 may not be enough to cover all your expenses. You should consider getting extended PIP coverage.
• Collision Insurance:With collision insurance, you won’t have to pay out of pocket if your car is damaged in an accident.
• Bodily Injury Liability Insurance:If you are at fault in an accident that causes serious injury, you should purchase liability insurance to protect your assets.
• Uninsured/Underinsured Motorist Coverage (UM):If you are seriously injured in a car accident and your case is worth more than the other person’s insurance coverage, or if the person that hits you has no insurance at all, you will need UM coverage to pay your expenses.
• GAP Insurance:If you owe more on your car than it is worth you should consider getting GAP insurance. If your car is totaled, GAP insurance will cover the difference between the value of your car and the remainder of your loan.
• Extras:You can also purchase things like rental car coverage and roadside assistance as part of your plan.