Why it’s Recommended to Have Collision Coverage in Florida
Do You Need Auto Collision Insurance in Florida?
Auto collision insurance is a voluntary policy that covers damage to your vehicle in the event of an accident. Even though it’s voluntary, it’s a must-have if you lease or finance your vehicle.
Otherwise, you can drive without it. Florida law requires all vehicles to have liability insurance. This policy includes property damage liability (PDL) and personal injury protection (PIP).
Unfortunately, PDL doesn’t cover damage to your vehicle. It only covers damage you cause to another vehicle or property. If you need assistance to repair or replace your car in the event of an accident, get collision insurance coverage.
Here’s what the policy covers and why you might need it:
What Is Collision Insurance Covered For?
Auto collision insurance will cover vehicle damage regardless of who caused the accident. Insurance companies will pay you in the following situations:
- Another car hits your vehicle
- You hit another car accidentally
- You hit a stationary object like a tree, mailbox, or building
- You get in a rollover accident
Auto collision insurance doesn’t cover damages caused by hitting an animal, falling objects, vandalism, or theft. If you need coverage for such causes, you should get comprehensive coverage. This policy protects you from many causes, including losses from a natural disaster. But it’s not the same as full coverage.
When Do You Need Collision Coverage?
Since collision auto insurance is voluntary, how do you know whether you need it? When you add it to comprehensive insurance coverage, it becomes more expensive. So, weigh the pros and cons to determine whether it’s worth it.
First, if you lease or finance your vehicle, you may not have a choice. The lender expects you to have both collision and comprehensive insurance. Not only does that protect the lender, but it also protects you.
If you are in a car accident while driving a financed vehicle, you will have to bear two burdens: repaying the loan and repairing the vehicle. Auto collision insurance gives you peace of mind because it reduces your burden. It helps restore your vehicle, allowing you to continue paying your loan.
Secondly, if you buy an expensive car, you may not be able to pay out of pocket to repair or replace it. So, collision coverage would be worth it. Sometimes you may get into an accident with an uninsured driver. If you don’t have collision coverage, you’d have to pay for the losses out of pocket.
When Should You Drop Collision Coverage?
Like other insurance policies, you’ll still need to pay a deductible before the insurance company compensates you. If you own an old car, your deductibles and insurance premiums may exceed the car’s value. In such cases, keeping the policy doesn’t make financial sense.
Also, cheap and old cars may not cost much to repair or replace. You may not need a collision policy if you can afford to pay for repairs from your personal savings. If you rarely use your car, your chances of getting into a car crash are lower. Collision coverage would give you little value for your money.
Benefits of Auto Collision Insurance
In 2021, Florida had a total of 401,000 car accidents. But only 163,961 of those accidents resulted in personal injury. That shows car crashes are quite common.
Teenagers and drunk drivers are responsible for most of those accidents. So even if you’re a good driver with a high rating, accidents can happen when you least expect them.
Florida is a no-fault state. Insurance companies will pay for the losses regardless of who caused the accidents. So, if you get involved in an accident, you can file a claim with your insurance provider even if the other driver caused the accident. Your insurance company will compensate you quickly since there’s no investigation required.
But if you were to pursue the at-fault driver, there would be a need for an investigation. That would waste time, and it would take longer to get you back on the road. But once your insurance provider compensates you, nothing prevents you from pursuing the at-fault driver for personal injuries and lost income. In this case, you might need a personal injury attorney to help you with the process.
Contact Coleman Insurance to Find the Best Collision Insurance Policy for You
Most drivers in Florida know the benefits of collision insurance. Even though it represents an additional cost, it gives you peace of mind when driving. And you can make it more affordable by increasing your deductible. Therefore, if the value of your car is high and you can’t afford to pay for repairs out of pocket, you should get collision coverage.
If you would like to buy collision coverage, Coleman Insurance Agency can help you get a good deal. We work with many companies providing car and homeowners’ insurance in Clearwater. Call us if you need car insurance or want to get a free quote.
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