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When Florida residents are looking for the best Florida car insurance coverage, they have a lot of things to consider. The first thing they need to find is out how much coverage they need to have in place by law. Then they need to determine how much coverage they need to meet personal financial needs. The third step in the process is to compare quotes from a number of companies to get the best combination of coverage and affordable rates.
Understand the FL Minimum Car Insurance Coverage Required
In Florida, drivers must have FL car insurance coverage in place to drive legally. It is a no-fault state, which means that when an accident causing damage to a vehicle occurs, each person’s insurance company will pay benefits, up to a limit set by the state. The minimum amount of property damage insurance that you are required to buy is $10,000.
People who live in no-fault states lose the right to sue unless a specific threshold for injuries is met. Florida drivers are required to have a minimum of $10,000 in Personal Injury Protection (PIP) insurance in place. This type of coverage pays for “reasonable and necessary” medical expenses incurred by a person who has been injured in an accident.
Understand How Much FL Auto Insurance Coverage to Buy
When you are considering how much insurance coverage you need, keep in mind that if you are hurt in an accident, once you reach the policy limit for your PIP coverage, you will be responsible for any additional expenses yourself. If you have health insurance in place already, you should check with the insurer or the plan administrator to find out whether injuries sustained in an accident are covered. You don’t want to assume that you have adequate coverage in place to cover your medical costs and then find out during your recovery that you aren’t as well protected as you thought.
You will need to think about how far $10,000 in PIP coverage will go. The cost of health care will continue to rise over the years, and if you only buy the minimum amount required by law, you may be underinsured. If you have to get treated at a hospital, and especially if you need surgery, you will likely use up all of your coverage quickly. Unless you meet the state threshold for being able to sue to recover damages, you will be faced with having to pay for your medical expenses yourself.
Compare Florida Car Insurance Coverage Options
Once you have an idea of what level of Florida auto insurance coverage you need, it’s time to look at the options that different insurance companies have to offer. Since each company sets its own criteria for underwriters to use when determining an applicant’s level of risk and the rates they will be charged, it pays to shop around to get the best rates.
When you ask for quotes for Florida car insurance coverage, be sure to ask about the FL auto insurance discounts that the company offers. Many companies will offer a break on the cost of coverage to customers who buy coverage for more than one vehicle with them. Buying your car insurance from the same company that sold you your homeowners’ policy should also get you a better price.
Mature drivers (age 55 and over) may also qualify for a discount on their car insurance coverage. Students who maintain good grades can also approach their insurance company to ask for a discount. You will also want to keep in mind that insurance companies operating in Florida can pull an applicant’s credit report when they are considering whether to offer to insure someone. Making sure that you pay your bills on time keeps your credit rating up, and it also indicates to the insurance company that you are a responsible individual who is a good risk.
There are some other things that you can do to avoid paying too much for your coverage. For example, if you don’t put many miles on your vehicle each year, you may be able to get a low mileage discount. Making a point of storing your car in a secure garage when not in use will also help, since it reduces the likelihood of a loss due to theft.
You can also consider raising your deductible to lower your FL auto insurance premium rates. The deductible is the amount you pay out of pocket after a loss before the insurance company will pay any benefits under your policy. When you agree to pay more yourself, the insurance company rewards you by offering lower premium rates.
Compare Florida Car Insurance Coverage Quotes
To find out how much you will need to pay for your Florida car insurance coverage, use our free FL car insurance quote tool. You can compare rates from different companies with only a few clicks of your mouse. You will save time, and may even save some money! Get started comparing Florida car insurance quotes now!