Whether you are financing the new car you just bought from that St. Petersburg, FL dealer or paid cash, you will need a Florida auto insurance policy to register the vehicle. Your friendly agent at Great South Insurance Agency LLC is here to help you understand just what that policy is designed to do for you, and what it will not.
Required: Medical Payments
The minimal insurance policy will include $10,000 in personal injury protection. Since Florida is a no-fault state, if you are in an accident–no matter who caused it–your insurance company will cover your medical expenses up to that $10,000 cap. The same applies to the other person.
Required: Payment for Property Damage
Your insurance will also cover damage to your car or other personal property up to $10,000. The other vehicle will cover its own damage up to that $10,000 limit. You most likely will want to purchase a policy that exceeds those required minimums as if you happen to need surgery or are driving a vehicle valued over $30,000, that $10,000 will be used up in an instant.
What’s Missing from the Law: Comprehensive and Increased Liability
You may want added liability because if you did cause the accident and the other person suffers significant injury or damage, they can sue you for the added costs associated with the accident. Comprehensive coverage is also a popular addition. It will help defray the cost of damage to your car no matter what might have happened. Your insurance company will pay you upfront to get your car fixed while their representatives will be responsible for hunting down the responsible party.
For more information about auto insurance and optional coverage available in the St. Petersburg, FL area, give your agent at Great South Insurance Agency LLC a call today.