The mandatory minimum auto insurance requirements in Florida are less than most drivers should carry. There are many coverages that are not required that can protect insured drivers from suffering monetary losses. These are the most common coverages that most drivers should have.
Collision and comprehensive coverage protect the insured’s vehicle from losses caused in accidents, by acts of nature or by vandalism or theft. If an insured’s car is worth more than $3000, he should carry collision and comprehensive insurance. If a car is financed, most lenders require that owners carry collision and comprehensive insurance as a condition of the loan. In most cases where cars have values below $3000 it is better to save the money on insurance premiums since these are the most expensive coverages. Most policies have a deductible of at least $500 for collision and comprehensive insurance.
Towing coverage usually has a low premium that is covered if the car is towed just one time. Most drivers should have it. Car rental insurance usually provides a set daily amount to cover a rental car in the event that the insured vehicle is damaged by a covered risk and has to be repaired. The premium is usually low, but it may not be available without collision and comprehensive coverage.
Uninsured motorist coverage provides liability coverage to an insured person if he is involved in an accident with a driver that doesn’t have liability insurance. Unlike Florida PIP, uninsured motorist insurance covers lost wages and pain and suffering. Since Florida doesn’t require liability insurance, this is really a must have for Florida drivers and the premiums are fairly low.
Just because Florida doesn’t require liability coverage doesn’t mean that drivers don’t need the protection. Anyone who has equity in a home or real property, or who has financial assets should have bodily injury and property damage liability insurance in the event they are sued. Insurers will provide legal counsel and cover damages up to the policy limits to protect the insured’s assets.
Cheap Florida auto insurance only requires PIP and property damage liability coverage, but drivers should consider optional coverages as well. Car owners can get insurance quotes for all the different coverages before deciding what they need.