Everything begins with nothing... well, I guess so. Just because someone or something did something about it, something happened to that nothing. Most of these actions start with the basics. "Basic" comes before "complex" even in the dictionary. But if you think about it, everyone must first learn the basics before they can move on to more complicated things. Similar to car insurance. Here is the most important thing you need to know to get the best insurance for your life.
Many people think they only need auto insurance to get their car registered and a licence plate so they can drive. They need it because if they don't get it, their licence will be taken away. Some people think it's just a bother because they don't have accidents or are good drivers.
People will often call insurance companies and ask for the cheapest policy or the one that is the bare minimum. When they need it, like when they need to make a claim, is when they find out what coverage they have.
You should always get the most insurance you can afford. Not having enough is never a good thing, and having insurance you can't pay for is no better. If you don't pay for your policy, it's no good to you at all.
There is no fault in Florida. If you have the coverage your state requires, the no-fault law will protect you. Whether you were at fault or not, if you get into an accident, the first $10,000 of your medical bills will come out of your own personal injury coverage. If you don't have at least the minimum amount of insurance, you won't be protected and may have to pay for the injuries you cause to other people.
Your insurance needs could be met by different kinds of coverage. Each one is good for something different, and you can choose the one that works best for you.
In Florida, the minimum insurance is Personal Injury Protection and Property Damage. Personal Injury Protection, or P.I.P., pays for up to a certain amount of medical, hospital, and funeral costs. It also covers anyone else in your car or on the street who gets hit by your car. Property Damage Liability pays for repairs to other people's property that your car breaks. Some of the things that would be covered are a car, a house, a motorcycle, etc.
Another important coverage is for bodily harm. It pays for injuries or deaths to other people that you cause up to the limits you buy. Even though Florida's state minimum insurance doesn't require it, it does meet the requirements of the Financial Responsibility Law. It says that your licence could be taken away if you cause an accident and are not financially responsible and someone gets hurt or something gets broken. You might be able to get your licence back if you file an SR-22. This form tells the state that you now have Bodily Injury Coverage and are financially responsible. Most of the time, you must have this for 3 years without letting your coverage lapse.
Full Coverage is another type of insurance that people often ask about. Well, this is not a type of insurance. Most people ask for Full Coverage because they know that's what their car dealer or bank wants. In fact, these companies want to see that you have both Comprehensive and Collision Coverage. Collision insurance pays for repairs to your car if it hits another car or is hit by another car. It will also pay up to the vehicle's book value at the time of a loss or destruction. On the other hand, Comprehensive covers loss caused by things like flood, theft, fire, or animal damage, as well as collision. It also pays for total losses up to the car's book value.
There are also other kinds of coverage, like medical and uninsured driver. Medical coverage pays for your medical bills and those of your passengers who are hurt in an accident. Uninsured Motorist covers your injuries and those of your passengers if the person who caused the accident does not have enough insurance.
