Brandon, Florida Car Insurance
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What to expect when shopping for auto Insurance in Brandon, Florida. Our team of experts are here to guide you in selecting the right combination of coverages to best suit your needs. The most common types of coverage questions that shoppers will encounter in Florida include whether or not to include collision and/or comprehensive coverage, the amount of their deductible (how much you’ll pay out of pocket in the event of a claim), your desired liability limits, and whether to include optional coverages which you may or may not want. Our team of experienced professionals can assist you in understanding these terms and with determining the right amount of coverages.
Auto Insurance coverage options in Brandon, Florida
Collision and comprehensive (other than collision) coverages
Collision and Comprehensive Coverage
These are types of coverages which can pay for damage to your automobile.
If your vehicle is damaged or stolen or involved in an incident (that’s not a collision), comprehensive insurance coverage will help to pay for repairs or replace your vehicle.
Sometimes Comprehensive Insurance is called “other than collision” coverage. It usually covers damage from falling objects (such as a tree or hail), vandalism, fire or theft. If you’re leasing or financing your car, it’s very likely that the lender will require you to purchase comprehensive and collision coverage. If your vehicle is paid off, and you own your vehicle free and clear, then comprehensive and collision coverage are optional for your car insurance policy.
If you’re in the market for auto insurance or are reviewing your current policy coverages and limits, comprehensive coverage is definitely worth considering as an addition to your auto policy. Be sure to ask your agent about how your comprehensive coverage deductible and coverage limits differ from collision coverage.
Below is a list of the common types of incidents most comprehensive Insurance policies cover.
WHAT TYPES OF DAMAGE WILL COMPREHENSIVE INSURANCE COVER?
Comprehensive helps cover damage to your car that’s not the result of a collision, such as:
- Natural disasters (like a hurricane or a tornado)
- Falling objects
- Damage done to your car by animals
- A civil disturbance (like a riot that results in damage or destruction of your car)
Collision coverage insures you for damage to your vehicle resulting from an accident.
- If your vehicle is damaged in an accident, Collision coverage insures your vehicle against damage to your vehicle.
Comprehensive (other than collision) and Collision coverage policies usually include a $100 to $1,000 deductible. The deductible is the portion which the policy owner is responsible to pay towards any repair claim. If your car is damaged, the Insurance company will only pay for the damage in excess of the deductible that you select. Be sure to ask your agent about how your policies deductible will effect your monthly premium. Selecting a higher deductible will result in lower payments but increase your responsibility to pay more out of pocket, should you need to file a claim.cvx
Liability coverage pays for injuries you cause to other people and damage you cause to other people’s property when you are at fault in an automobile accident.
Medical Payments coverage
Medical Payments coverage (also known as Med-Pay) pays medical expenses (limited to dollar amounts specified in your policy). Med-Pay covers medical expenses for you and any of your injured passengers resulting from an automobile accident, no matter who is at fault. In Florida this coverage is optional. Most often, medical payments pays the 20% co-pay that is not paid by P.I.P. and depending on the terms of your Med-Pay policy it may also pay your P.I.P deductible.
Example of Med-Pay
Let’s say you are driving your insured vehicle to the store with a friend as your passenger. Your friend does not own a car or have a P.I.P policy. You accidentally rear end the vehicle in front of you and your friend is injured.
EXAMPLE – (A)
Your friends hospital bill is $2,000.00
P.I.P. pays 80% of the hospital expenses $1,600.00
Med-Pay pays the hospital $400 covering the 20% not paid by P.I.P.
EXAMPLE – ( B)
Your friends hospital bill is $2,000.00
P.I.P. pays 80% of your friends hospital expenses after your $500 P.I.P deductible
$2,000 Hospital Expenses
less $500.00 P.I.P. deductible
Remaining balance $1,500 x .80 = $1200 paid by P.I.P
Med-Pay pays the hospital $800 covering the 20% not paid by P.I.P. plus the $500 P.I.P. deductible.
Since Med-Pay is not dependent on fault, they will pay out towards your friends medical expenses (the total amount they will pay is limited based on the policy limits) whether or not you the driver are at fault.
Personal Injury Protection
The state of Florida requires personal injury protection (no fault) auto insurance (also referred to a P.I.P.) to be purchased by all owners of motor vehicles registered in the state. Florida is one of 15 US states that require Personal Injury Protection (also called a “no-fault” State). There are differences in the minimum P.I.P. coverage required based on each state and their local laws, so be sure to familiarize yourself with your States requirements, if you live in a no-fault state other than Florida.
The goal of the state legislators was to provide injured drivers up to $10,000 in quick medical coverage without having to establish fault in the courts. Thus it’s also known as “no-fault” insurance. You might also hear people refer to Florida as a “no-fault” state. Their intention was to accelerate payments to injured drivers as well as free up the courts time by limiting the individual’s right to sue other drivers who crash into them. By requiring individuals to purchase PIP coverage the State has made individuals financially responsible for their own injuries in an accident regardless of fault.
In the event that you should ever need to use your Personal Injury Protection, you should be aware that it covers medical and rehabilitative expenses, replacement services, and funeral expenses. It also pays for loss of income if you are injured in an auto accident and are unable to work. Keep in mind this dollar amount is limited to $10,000 or based on the amounts determined in the P.I.P. policy.
Uninsured/Underinsured Motorist coverage
Should you be injured by a hit-and-run driver or an individual who is completely uninsured or who’s limits are not satisfactory to cover your medical expenses, then uninsured/underinsured motorist coverage will cover your medical expenses based on the amounts and limits specified in your policy.
Discretionary /Optional Coverages
There are additional optional special car coverages to consider when purchasing your policy. These include options such as rental car reimbursement, road side assistance and towing. These are not required coverages but optional at the discretion of the insured.
How much coverage is the right amount?
Determining the correct amount of auto insurance coverage needed is an important question for all drivers to consider. Not having the proper coverage could end up costing you a lot of money. While there are many different areas to think about, three of the major keys in determining your auto coverage would be the value of the vehicle that you are insuring, your personal tolerance for risk and liability, and the cost, or affordability of the insurance in order to maintain coverage.
Let’s start with the vehicle that you’re insuring. Since not all vehicles are the same, it makes sense that the repair and replacement cost will vary from different makes and models. The more expensive the vehicle, the more it will cost to replace it. Therefore the cost to insure it must be more than that of a less expensive vehicle. Then there are other factors which will effect your rates such as the vehicle type. For example, some vehicles are rated higher risk because they’re considered a sports car and while each drivers individual risk factors such as age and experience will have an effect, the overall cost is increased from that of a family car. It’s not a bad idea to check with your insurance company regarding rates before purchasing a new vehicle. You may be surprised to compare your monthly savings between many different vehicles and especially vehicle types. The associated cost for this type of consideration will be determined in your collision and comprehensive coverage.
Another important consideration is that of asset protection. In other words having enough or sufficient coverage to extend above and beyond traditional coverage. This might include coverage such as GAP (Guaranteed Asset Protection), which was designed to cover the “gap” or difference between what your car is worth (actual cash value) and your loan balance to the bank. Additionally, this coverage could protect you should a judgement exceed the dollar amounts set forth in your present coverage. These type of liability considerations are determined based on your liability coverage. Each person must decide the cost and risk associated with how much liability coverage is the right amount as this will also effect your policy premium.
Lastly, how much is the insured willing to pay out of pocket towards the potential medical or repair expenses (determining your deductible). As previously discussed, having a higher deductible will reduce the cost of your policy but at the same time it does increase the amount the insured is responsible to pay, should an accident occur.
The bottom line is there are many factors which will go into determining the cost of your auto insurance policy. And while we do agree with you that saving money is good, it’s also equally important, and perhaps even more important that you make sure you have the proper coverage.
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