Insurance Articles

The Sunshine State can be a place where life is fast paced, fun and exciting, but with all of that comes the need to protect one’s self. According to state law, all drivers must carry automobile coverage in order to operate a vehicle legally. What some do not realize is that the required limits mandated by the laws are quite low when taken into consideration the cost of medical care and the price it may cost to replace or repair vehicles. Floridians should consider higher limits than what is necessary to drive to ensure that they are not stuck in a bad position following a traffic accident.

Currently the state follows the “No-Fault” rule and requires motorists to carry policies which include a $10,000 for Personal Injury Protection (PIP) and $10,000 for Property Damage Liability (PDL). Neither coverage will pay for damages sustained by the vehicle of the policyholder, may not fully cover their cost of their injuries and may not be enough to fully compensate the other party if they were to cause significant damage to another person’s property. Therefore, when shopping around for Florida auto insurance companies one should compare quotes of more extensive coverage to see if it is within their budget.

Why Consider More Extensive Florida Car Insurance Coverage

There are a few reasons that motorists should consider purchasing higher limits and additional coverage when shopping for policies. Mainly to protect one’s self from financial hardships resulting from future traffic accidents. For example, if an individual carrying a policy with a $10,000 limit causes an accident with a luxury vehicle and it is declared a total loss or the damages exceed the limit stated on the policy, the insured would be responsible for the remaining balance; this would mean that if the damage totaled $17,000, the insurer would only pay $10,000 and the policyholder will be held accountable for the rest.

One very beneficial coverage that may be overlooked is that of Comprehensive and Collision. This will pay for physical damage that may be caused to an insured’s vehicle regardless of who is at fault and will protect against many perils. It is high suggested that individuals purchase “comp and collision” if they are financing their automobile or if they own a vehicle with a high value. Not having this option on a policy can leave the motorist in a situation where they would have to pay for repairs or replacement by means of their own which may not be cheap. Traffic accidents can be devastating and one should try to protect themselves as best as they can. For answers on what to do following an accident refer to the Florida Department of Highway Safety and Motor Vehicles for more information.