There are several advantages when owning an older vehicle. Among these advantages can be saving money on your car insurance coverage. You can increase your deductibles or drop certain coverage for lower premiums. But before adjusting your policy, you need to consider the required coverage in Florida. Here are some of the things you need to take note of.
Required Car Insurance Coverage
In Florida, you are required to get Personal Injury Protection (PIP) and Property Damage Liability (PDL) coverage – both with a minimum limit of $10,000. While those are the minimum requirement, it would be wise if you increase your limits.
Personal injury protection helps you pay for expenses in case you get injured or hospitalized in an accident. Coverage includes medical expenses, lost wages and services, as well as funeral expenses.
Property damage liability, on the other hand, helps pay for the expenses related to the damages you caused to someone else’s property. Its coverage includes vehicles, buildings, telephone booths, fences, and more.
Bodily Injury Liability Insurance (BIL)
BIL is not required for all drivers in Florida. But we recommend everyone to get this insurance, especially if you have a history of accidents or violations. This covers expenses for serious injuries or death to others in case of an accident. Aside from that, it also provides coverage for income loss and legal fees.
Additional Car Insurance Coverage
There are several optional insurance coverages that you may choose not to get. You can adjust them according to your needs and budget.
You can protect your car with collision coverage and comprehensive coverage. Collision coverage helps pay for the expenses related to any repairs to your vehicle in case you’ve collided with another object (may it be a car, tree, wall, or fence). Meanwhile, comprehensive coverage helps pay for the expenses related to theft or damage repairs caused by something other than collision.
Both of these coverages come with a deductible that you can adjust depending on your needs. Bear in mind that higher deductibles can lower your premium, but you’re likely to pay more out-of-pocket expenses for a covered claim.
If your car is worth less than your annual premium, getting comprehensive and collision coverage may not be cost-effective for you. Thus, you should talk to your agent about your specific situation.
Another coverage that you should also consider is roadside assistance. This helps pay for roadside services in case your car breaks down on the road. Although this is just optional, it may come in handy when you encounter problems with your older car if you don’t already have coverage through your car dealership or somewhere else.
Insurance rates are a factor in choosing whether or not you have your older car insured. Our agents here at Wellcovered Insurance will help you find an affordable and reliable coverage that gives you financial protection. Call us at (386) 218-4951 or visit us at our office today and get a quote from us!