Car Insurance Coverage Choices
The Florida Department of Motor Vehicles reports that between 600 to 700 car accidents happen every day in the Sunshine State. If you are unfortunate enough to be involved in one of these collisions, the details of your car insurance policy such as coverage types, limits and deductibles will determine how the incident affects your finances.
Deciding what type of car insurance coverage is best to protect you and your assets can be a challenge. In our two-part series on types of auto insurance coverage, we will explain the various options available. Knowing what works best for your situation can help you to find the most economical solution while providing the right protection.
Liability Coverage
Liability coverage pays for both bodily injury and property damage of other drivers involved in the collision. Most liability policies cover the costs of medical treatment, loss of income, funeral expenses and property damage caused by a collision.
While many states require liability coverage, Florida does not require any coverage for bodily injuries to others. However, the state does require drivers to carry at least $10,000 in property damage coverage. Regardless, choosing enough liability coverage to protect the value of your assets is a good idea.
Most insurance experts suggest carrying at least $100,000 for injury to one person and $300,000 for injuries caused to all persons involved in the same accident. Full coverage typically provides a maximum of $250,000/$500,000.
Separately, property damage liability insurance covers the cost of repairs or replacement of another driver’s car. With the rising price of cars today, insurance experts recommend buying between $50,000 and $100,000 of property damage coverage.
Collision Coverage
Collision coverage ensures damage to your vehicle is paid whether you collide with another automobile, tree, guard rail, building or some other object. Deductibles for collision coverage typically range from $250 to $1,000 per incident.
Comprehensive Coverage
In addition to collisions with another vehicle, your car can be damaged by vandalism, theft, fire, windstorm or animals. In these cases, comprehensive coverage kicks in to pay for the repairs.
Like most coverage types, the higher the deductible you select, the lower insurance premium you pay. Collision and comprehensive policies are often sold together as physical damage coverage. Be aware that whether the state requires this insurance or not, a lender or leasing company may require this type of coverage.
Property Protection Coverage
If you accidentally damage someone else’s property in an accident, you may be held responsible for the cost of repair. This includes damage to buildings, fences, parked cars, mailboxes, poles and other similar objects. As you can imagine, damaged property can be very expensive to fix, so policies up to 1 million dollars are available.
Medical Expenses
This coverage pays the medical or funeral expenses of passengers in your vehicle. The maximum amount of coverage and deductibles vary widely among policies.
Hire Ward & Barnes, P.A., to Get What You Deserve!
The experienced attorneys at Ward & Barnes, P.A., will work to protect your interests after a car accident. We have helped countless drivers and their families throughout Northwest Florida involved in serious collisions. Call us today and we will fight to get fair compensation in your case!