Do I Need Full Coverage On My Car - Our firm has handled and settled many auto accident claims and cases. Those claims and lawsuits, most of the time, involve auto insurance companies and their coverage.
It is sad to interview many clients who come to us saying: "I have full insurance cover for myself and my car", without even understanding what the words really mean. It is also unfortunate that certain insurance agents sell policies to some of our clients; and he told them they were "fully guaranteed" without explaining what those words meant.
Do I Need Full Coverage On My Car
Specifically, I'm talking about the exact components and amount of that coverage, which the insurance company agrees to provide you through your policy (which is basically a contract between you and the insurance).
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Each of them, to be more complex, can carry the so-called "deductible". That is, the amount you pay out of pocket before the insurance company pays you the agreed amount.
Some auto insurance coverages are required by Florida law, while others are optional (in other words, you can choose to get them or not, as well as the amounts). Let me try to explain the above in detail as follows:
It is called “no fault” coverage. That is, whoever is at fault in a car accident covers everyone involved from their own insurance policy.
This covers your medical bills, funeral expenses (preventing you from dying in a car accident) and bereavement benefits. However, up to a certain total amount and percentage. The total amount in Florida is $10,000.00, and the percentages are 80% for medical bills and 60% of your lost wages, plus up to $5,000.00 for funeral and burial expenses.
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However, like many things these days, the cover has some "catches". The first is that you must receive medical care, and submit a claim for medical expenses to your insurance company; within 14 days from the date of your accident or the insurer may refuse to pay. The second catch is that the insurer may see that your medical expenses are not of an "emergency" nature, and decide to pay only $2,500.00 for your insurance.
So, for example: Passenger in your friend's car, going to a concert. But you have parked your own car at your house and decided to go with your friend. Your friend was in a car accident that was his fault and you were injured. Then, your medical bill is $10,000.00. Guess what? Your car P.I.P. (Yes, your car that was not involved in the accident, you read that right) coverage that pays up to $8,000.00 (or 80%) of your medical bills if you file your claim within 14 days of the accident, and if you can prove that the medical bills are of an emergency nature (this part is a bit more complicated to explain here).
It is not required in Florida. This means if, while driving your car, you collide with another person causing that person to injure their body (broken bones, herniated spinal discs, etc.). Your guarantee will pay 20% of the medical bills related to the P.I.P. not covered, or 40% of the loss pay given by P.I.P. didn't pay (remember the P.I.P. cover I mentioned above?).
So, in the example above, let's say you are injured and the car is your friend's fault. Then, from your friend's insurance (if their policy has BI coverage) you file a claim to try to get 20% of the medical bills and 40% of the damages you incurred that were not covered by your insurance.
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In addition, under this coverage the insurance company also provides you with a lawyer who will defend you if the person you hit sues you for injuries to their body (such as accidents and personal injuries).
The guarantee amount for B.I. will change. We usually see policies for $25,000.00/$50,000.00, but it can be more. You say: why two numbers? Well, because the first one is to cover the bodily injuries you caused in an accident to one person, and $50, 000.00 in this example if you injured more than one person.
It is also not required by Florida law. This covers you if the person at fault in the car accident is: uninsured, or if the person's insurance is too low to cover all of your bodily injuries.
For example, in the example I mentioned above when you are a passenger in your friend's car: If it is your friend's fault, and if you are injured, and if your P.I.P. pay 80% of your medical bills, then you say: what about the 20% I didn't get? Then you turn to your friend's policy and say: is B.I. coverage to cover my 20%? So:
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1. If your friend doesn't have it, you go to your insurance company, if U.M. or U.I.M. coverage, and ask your insurance to cover 20% of your medical bills OR
2. If your injuries total, say, $50,000.00, then your P.I.P. covered up to $10,000.00 in medical bills (but at an 80% rate), so, say he pays $8, 000.00, but B.I. of $20, 000.00, that means you still have $22, 000.00 of uncovered bills. So, you turn to your U.M. or U.I.M. asking him to pay the amount (of course, if your warranty is only $20,000.00, it won't cover everything).
Unfortunately, U.M. or U.I.M. coverage in Florida because the insurance company pays less for premium payments. The U.M. or U.I.M. usually almost the same as B.I. In other words, if your B.I. consisting of $25, 000.00 in your U.M. or U.I.M. that amount may be covered.
This coverage is required and mandatory in Florida. in compensation for damages you cause, if the fault is yours, to other property (another car, light poles, etc.). Insurance is usually up to $10,000.00. Which means you can't crash a new Ferrari and it's your fault. You may want to stay away from expensive cars while driving if you can help it.
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It's not required under Florida law, but if you're paying off your car under a loan the lender requires you to have it. This covers car repairs in a car accident (whether you were at fault or not). The deductible is usually around $500.00.
This is not required under Florida law, but as a Collision, if you are paying off your car under a loan the lender will want you to have it. This covers repairing your car if it is damaged or lost but not due to an accident, for example, if it is stolen, or if its roof is damaged by a falling tree branch; or if a tornado appears and takes it to destroy it.
It is also not required by Florida law. It provides payment for medical bills in addition to what is in the P.I.P. and/or U.M./U.I.M. (if any) shall pay.
This is a short and very simplified explanation of auto insurance coverage in the State of Florida. Their implementation and use can be mixed and complex.
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As I said before, many clients say that: "full guarantee", and when I read their policies P.I.P is hardly. or cover Property Damage required by Florida law. No one should use the "full warranty", because it is assumed that all types of coverage are included in a car insurance policy, which covers a large amount of money covering any type of damage and/or property damage. is the size. Such policies are rare, unless they are commercial policies (for example, a Coca Cola truck) with an insured value of several million dollars.
By requesting and/or obtaining a document called a “Declaration Sheet” for your insurance online or from your insurance company or agent.
This is a document that will show the names of the specific coverages you have, whether it is cheap car insurance or not (or vice versa), car insurance is very expensive; the limits (that is, up to what your insurer can pay), and the deductibles (your out-of-pocket payments), for all payments you are responsible for in the event of an accident.
Before you get into a car accident, you can take the time to read your policy to see what it covers, and talk to your insurance agent to make any changes to it if you want (after you have the information about the types of cover and size. I explained).
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After you have been in a car accident, if you are physically and/or mentally able to do so, call 911 and do your best to ask law enforcement to make a written report. If one of the
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