Understanding Auto Insurance Coverage
Everyone wants to get the best deal on the best coverage for their automobiles. In order to do so, you should have an understanding of the different auto policies available and their level of protection. Certain types of vehicles can require more extensive coverage, while others may be afforded less protection.
For example, every lender requires you to carry collision coverage, which is a broad level of protection that covers the lender’s investment in case of an accident. Conversely, an older vehicle for which you hold the title may only need coverage to help protect the driver and passengers and to cover any damage to another vehicle.
An agent with Peeples Insurance Agency can help you determine which coverages are needed for your particular situation. You can learn more about the different auto policies available below.
Florida Auto Insurance Laws
Florida state law requires all drivers to provide minimum levels of specific insurance coverages on each vehicle to protect themselves and others in the event of an accident. These minimum coverages include:
- Bodily injury coverage: $10,000 per person and $20,000 per accident
- Personal injury protection: $10,000
- Uninsured motorist coverage: $10,000 per person and $20,000 per accident
- Property damage coverage: $10,000 per accident
Two specific areas of Florida law also bear on the types and levels of coverage you may need.
The Financial Responsibility Law — stipulates that certain drivers with troubled driving histories must carry specific (usually larger) amounts of coverage. This can be due to previous accidents with injury that were deemed to be the driver’s responsibility, past DUI offenses or other offences.
The Florida No-Fault Law — this law stipulates that every driver carry Personal Injury Protection (PIP) that covers the insured’s medical bills in the event of an accident. No-fault provisions demand that all drivers involved in an accident have their own insurance protection to pay for injuries, regardless of who is at fault for the accident.
Types of Auto Policies Available in Florida
What types of auto insurance coverage is available in Florida? Below we give a brief description of each. You should consult with an agent from Peeples Insurance Agency to tailor specific coverages for your needs and shop for the best deals available. Some discounts may also apply.
Liability coverage
Liability coverage is the most basic level of coverage and is required in Florida. This coverage helps cover the costs related to another person’s injuries if you cause an accident and any property that becomes damaged from your accident.
Uninsured and/or Underinsured Driver Coverage
This is protection in the event you are involved in an accident with another driver that does not have auto insurance coverage, or is underinsured. It can cover vehicle repairs and medical expenses. A minimum of $10,000 per person and $20,000 per accident is required in Florida.
Comprehensive Auto Coverage
Comprehensive auto coverage protects your vehicle in the event of theft, fire, hail or vandalism. If your car is damaged by a covered incident, this can provide for repairs or replacement of the vehicle up to the vehicle’s cash value. There is typically a deductible to be paid out of pocket for comprehensive coverage. This is optional protection and is not required under Florida law.
Collision Auto Coverage
Collision auto coverage obviously covers you and your vehicle in the event you become involved in a collision. This can be with another vehicle or an object, such as a fence or utility pole. The coverage can help repair or replace your vehicle and repair any property damages. It usually has a deductible to be paid before coverage begins. This level of protection is not required by Florida law, but it is typically required by lenders if your vehicle is financed.
Bodily Injury Coverage
This is protection for you, your passengers or any family members who drive your insured vehicle. It covers medical expenses for bodily injuries that include x-rays, surgery, hospital care and more. A minimum of $10,000 per person and $20,000 per accident is required in Florida, but higher coverages are available.
Personal Injury Protection
Personal injury protection, or PIP, is also required in Florida, and can also provide for the costs of medical treatments. In addition, it can also be used for related expenses, such as child care or to replace lost income while you are unable to work during your recovery. A $10,000 minimum coverage is required but higher protection is available.
Classic Car Coverage
Antique and/or classic cars are in a unique category of liability due to their value and usual low level of usage. This is a specialized type of auto coverage that we can provide for your antique car investment.
There may also be additional coverages to provide for rental car expenses, roadside assistance and other needs. Contact The Peeples Insurance Agency today in Sarasota, Bradenton or Margate for more information and a review of your existing car insurance. We may be able to improve your coverage for less money!