How much automobile insurance is the right amount of insurance to have? A minor accident (property damage only with no injuries) can cost on average between $500 and $1500.
An accident involving extensive property damage and bodily injury, disability or death can run into the hundreds of thousands of dollars.
Even if you are not at fault, you may be required to pay your deductible to have your car repaired if the other party doesn’t have insurance.
If you are found liable for the accident you could be responsible for the other party’s damages for anything your auto insurance doesn’t cover. Florida law requires an owner or lessee of an automobile to carry, at a minimum, $10,000 property damage liability and Personal Injury Protection. Beyond these minimum limits, how much coverage should you carry?
Liability insurance provides you with essential protection against loss of home, savings, and income if you become involved in a serious auto accident. Therefore, you need to have enough auto insurance coverage to protect all of your financial assets. The Zinsmeister Agency can help you determine the correct amount of coverage to protect you and our family.
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When determining the correct amount of car, truck or SUV insurance, you should consider your total net worth. In the event of an accident, your net worth and future earnings could be at stake.
If you are underinsured and sued by the other party, you may have to personally pay the injured party anything above and beyond what your insurance policy pays. If your vehicle is financed or leased, the bank is going to require, in most cases, that you carry comprehensive and collision coverage.
Personal injury protection (PIP) is required in the state of Florida. PIP will pay a percentage of medical bills and lost wages incurred from a covered loss regardless of fault in the accident. PIP and Property Damage Liability are mandatory coverages in the State of Florida.