Auto Insurance, Homeowners Insurance, Insurance Agent, Insurance in Florida, Mobile Home Park Insurance
What are the Benefits of Having Higher Car Insurance Limits?
Why You Should Raise Your Auto Insurance Coverage Limits?
If you live in Florida, satisfying the financial responsibility law means having auto insurance coverage. Failure to meet this requirement could result in posting a bond of up to $50,000. While striking the minimum auto insurance coverage limits for personal injury protection (PIP) and property damage liability may seem sufficient, it may not cover you after an accident. For this reason, you should consider increasing your coverage for better protection.
Auto Insurance Coverage Limits Explained
Generally, when you request a quote for personal auto insurance policies, the insurer will present several options. Your car insurance coverage limits determine the highest amount your insurer will pay for each category when you file a claim.
How Much Car Insurance is Required?
It’s no secret that the state minimum isn’t enough and may require you to pay out of pocket in the event of a lawsuit. In some cases, minimum coverage may fail to protect your assets if the other party goes after them in court. There are several types of coverage to choose from, besides liability insurance.
- Uninsured motorist (UM) and underinsured motorist (UIM) insurance. This car insurance coverage offsets your medical expenses if the person at-fault lacks liability insurance or has a low coverage limit.
- Collision and comprehensive coverage cover various issues, including car theft, falling objects, vandalism, and weather damage. Your insurer will require you to carry both types if you have an existing car loan. It also comes in handy when you need to replace your car due to damage from an issue included in this policy.
- Medical payments, also called “MedPay,” work like Personal Injury Protection (PIP) and offset your medical bills and those of the passengers, regardless of who was at fault. It is optional in Florida.
- Roadside assistance insurance. This policy covers you during a breakdown or when you need locksmith services.
Benefits of Raising Your Auto Insurance Coverage Limits
Getting higher limit coverage auto insurance protects your savings and assets in the event of an accident. Remember, the average vehicle repair cost has increased post-pandemic. Keep in mind the rising costs of healthcare. The proper car insurance limit will save you from selling assets or paying legal fees.
Secondly, proper car insurance liability limit makes perfect sense if you have a poor driving record, perhaps due to traffic violations or accidents. This policy is especially important if you live in a populated area with a high probability of car accidents.
Increasing your coverage to include collision insurance will cover you, other injured parties, and damaged property. This additional coverage comes in handy when renting a car temporarily due to theft or if your vehicle has broken down. Also, considering how Florida is no stranger to bad weather, having a higher insurance limit with coverage that covers the cost of weather-related damage to your car or a car loss caused by stormwater is recommended.
Increase Your Liability Limits with the Help of Coleman Insurance Agency
Even with limited assets, state minimum insurance limits aren’t enough to cover the damage you cause to individuals or property. You may end up paying out of pocket after an accident. Moreover, a higher car insurance limit is a smart investment if you have a teen driver included in your auto insurance.
Also, this increased limit is ideal if you carpool or drive a large vehicle. Remember, you wouldn’t want to endanger your non-homesteaded home or any other property to cover unforeseen costs.
At Coleman Insurance, we can help you find the perfect car insurance in Clearwater. With this policy, you can rest easy knowing your assets are safe.
We also offer other services, including commercial business coverage. Do you need auto or homeowners insurance in Clearwater? Contact us for a quote today.
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