There is no hard and fast rule regarding how much car insurance is required by law. The minimum requirement that the law requires is that you carry liability insurance. Liability insurance protects you against lawsuits arising from acts attributed to your negligence. If you are caught driving a vehicle without insurance, you can expect to pay a steep fine and may even be put in jail.
There is also no hard and fast rule regarding how much bodily injury and property damage protection are required by law. Each state has a different definition of bodily injury and property damage and the rules governing these matters vary from state to state. Ultimately, however, it is your responsibility to find out what the law requires and get your Florida car insurance before you go out and drive on the road. Too often, people who don t understand the rules about these matters feel intimidated enough to violate them.
Because Florida drivers are required to carry car insurance, it is easy to understand why there are a variety of policies to choose from. There are liability coverage plans which will cover the cost of repairs for vehicles involved in accidents. This type of plan may not cover the cost of medical bills or damages to other people. It will also not cover the cost of repair to vehicles or the cost of parking while your vehicle is being repaired. However, it will cover the cost of towing to a repair shop. These types of policies will often have very flexible deductibles, so that drivers will be required to pay only the deductible amount.
If you need more comprehensive car insurance coverage, you will want to start with a liability limit. The limit varies from state to state but the upper limit is usually around $1 million. Many people get started with the low limit because it is easy to get started and they know that they will eventually get into the high end of the range. On the other hand, if you get started with higher limits, you may find that the premiums get pretty high and you won’t be able to get started at the lower limit because of the increase in costs.
There are ways to get started with a lower cost full coverage car insurance policy. One thing that you can do is get an introductory discount. This might be something like a percentage reduction from the price of your premium. If you don’t have a ton of experience driving, you will not want to take this approach, but if you are young and relatively safe, you might be able to get a discount on your premium based on your age and lack of driving experience.
A lot of younger drivers will opt for a liability only policy. This is something that will only cover the cost of repair for any physical damage to another person or their car. There are many times when this will be the only policy that you have. It’s not very practical but it is really cheap. When an accident occurs, the other driver is usually limited to paying for the repairs out-of-pocket.
Another option that you will want to consider is going without collision and comprehensive coverage on certain older vehicles. Most states will enforce these types of limits on a monthly basis. They do this because they are financially responsible to pay for damage that you cause to another person or their vehicle. While they are within their rights to keep you off of their vehicles, they feel it is necessary to do so in order to provide for their bottom line. Remember, if you have too much coverage on a vehicle, it can really cost a lot of money to fix in the event of an accident.
In addition to having no-fault coverage on your own vehicle, you should also look into adding comprehensive and collision coverages to your vehicles that are owned by others. These policies can protect you even if they are rented out. The value of your belongings can be a big factor when insurers determine how much to charge you for your insurance. If you own a substantial amount of jewelry, for instance, it will cost more to insure your possessions. You may want to have a separate policy for this type of property.