Six Types of Auto Insurance Policies to Consider
Fort Lauderdale Accident Attorneys
The Covid-19 crisis has caused many people to look at their finances and make decisions about what they need and what they can afford. I know people who have cut out things like Netflix and going out to eat, but automobile insurance is a must-have commodity. Still, you want to get the best coverage and get the lowest price. Can it be done?
We aren’t insurance agents, so we can’t recommend any particular company or coverage but we encounter people every day who have been involved in motor-vehicle accidents and we have learned that many people have very inaccurate ideas about what they need, what’s covered, and what happens after a theft or an accident. Many people buy minimal insurance and then expect maximum coverage, which is unreasonable.
Here are the six basic types of vehicle coverage:
- Collision Coverage | Collision coverage covers your vehicle if you’re involved in a crash. How much it will cover depends on how much you want it to cover – if you want 100% replacement value that will cost more than 50%. It’s you choice and keep in mind it will cover your vehicle but not the other one, nor the stationary object if that’s what was involved.
- Comprehensive Coverage | This is the insurance that will cover the thing or things you collided with in the accident. It is wide-ranging coverage and can cover everything from theft to vandalism to hail and floods.
- Liability Coverage | This is required in most states and covers damage or injuries to other objects or people and the amount of coverage depends, once again, on how much money you want to spend. Most states require at least $10,000.
- Medical Payments Coverage | The previous types of coverage will take care of damage to other things and people but may not cover your medical bills. Some people look to rely on their own health insurance but you should check and make sure that will work out in case of an accident.
- Personal Injury Protection Coverage (PIP) | This coverage is available in certain states and most often it is a minimum coverage required by law in some states to cover medical expenses.
- Underinsured (UIM) and Uninsured Motorist (UM) Coverage | If you are involved in an accident and the other driver has no insurance, and is at fault, you may be unable to collect for damages unless you pay for this coverage. Considering there are millions of drivers in Florida with no insurance at all, it’s is a good idea to have this type of insurance.
Note: Florida is one of a handful of states which does not require bodily injury coverage and this illustrates why it is vital to carry UM/UIM coverage
Once again, because we aren’t insurance agents we can’t break down the reasons you should or should not have all these types of insurance but we highly recommend taking the time to address your needs with a licensed agent. Never assume your coverage will include, for example, the cost of a rental car. Don’t assume all your medical bills will be paid if you have a lengthy stay in the hospital and/or require surgery. Hospitals are expensive!
Accidents involving motorcycles often result in very serious injuries and yet often the riders purchase only basic insurance. Medical Payments Coverage might be a good investment if you own a motorcycle.
Keep in mind that south Florida is ranked as a high-risk area for driving and it is also rated as one of the most expensive areas for cost of car insurance. Do extensive research and then make your decision carefully.
The Law Firm of Lazarus and Lazarus has represented hundreds of victims of auto, truck, and motorcycle accidents since 1992 and we know how to deal with insurance companies to make sure they pay what is specified in their policies. We do not charge a fee for our consultations or for representing clients unless there is a settlement or judgement. Please call us at (954) 356-0006 seven days a week.
Protect Your Rights: Always Consult with an Experienced Attorney if you are Involved in a Car, Truck, or Motorcycle Accident