How important is it for you to carry car insurance? Most of you might not know the level of importance and one of the main reasons being that you are not aware of the types of auto insurance available. Car insurance is not a necessity but at the same time it is a protective cover that has several benefits like providing coverage against damages caused to your car or even to you and your passengers. There is insurance coverage for almost everything from accidents to lawsuits and from theft to fire.
Some of the states have their own rules and have made it mandatory to have car insurance. One such state is that of Florida, which requires you to follow the minimum requirements. The minimum requirements of car insurance in Florida include property damage for $10,000 and a personal injury protection for $10,000. The property damage insurance policy will cover the damages caused by you or your car to another person's car. On the other hand the personal injury protection also known as PIP will provide insurance coverage to the tune of 80% of all medical expenses as well as 60% of loss of wages and up to a maximum of $5,000 death benefit to you, your passengers, your relatives and those who are mentioned in your policy minus the deductible. This is a type of insurance coverage that will be able to provide protection in a situation where damage has been caused to other vehicles.
Auto insurance can be compared to any other financial tool because it offers the following:
- Your policy will safeguard your investment made on your car by covering any damages caused.
- Car insurance will pay for all your medical bills after an accident takes place. Some policies will cover your medical bills while others will cover medical bills for third party if you have caused the accident.
- It will act as a shield by covering you against any costly damages due to a severe accident and will simultaneously cover any related lawsuit against you by the other party involved.
- An insurance policy can guard most of the valuable assets like home, bond investments, and retirement funds.
- It will provide protection to you from under-insured or uninsured motorists.
- The policy will pay for any type of repair work for damages due to vandalism, theft, and even natural disasters like hail storms, fire etc.
Above all, with a car insurance policy, you will always experience a peace of mind and will be relaxed.
The most important thing that you need to consider while in the market is the type of policy you need. There are different types of car insurance covers available and you can choose the one that you feel will best support your need. One of the most common occurrences is accidents that can include:
- Collision between two cars
- Your car runs into a tree
- Your car runs into someone’s house
- Your car is hit by an under-insured or uninsured driver
- Your car is damaged by irate mob
- Your car is damaged by natural disasters like hurricanes, fire, storms, tornadoes etc.
Depending on the region or state or county where you stay and if it is prone to natural disaster, you can single out the insurance policy that you will need. The next step will be to identify whether you need cover for your self or for third party? Depending on that you can choose your policy. It is not necessary to take multiple policies; you can always take one policy and add some specific riders to cover certain incidents or accidents. But the bottom line is accidents happen without warning and you need to be prepared mentally, physically and financially!
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