Are my auto insurance coverage limits high enough?

The last thing you want to deal with is being involved in an auto accident, at fault or not, and realizing that you have sub-par auto insurance coverage. You are rattled, shaken, possibly injured, your car is likely damaged, you may even have injured someone else and you certainly don’t want to have to deal with the possibility of being sued or having to come out of pocket to rectify the situation.

This never needs to be a concern if you take a proactive approach. Working with a reputable independent insurance representative from Centennial Insurance is the best way to make sure that your coverage fits your life, your needs and your automobile.

What is factored in when considering coverage:

Your income, lifestyle, assets and vehicle are a consideration that many fail to take into account. We all like to save money, especially on monthly bills, but cutting costs by way of your auto policy may not be the smart move.

If you own your home or other property, other vehicles or have substantial savings in the bank unless you are properly insured you may be at risk should an accident occur. The greater the value of your assetsthe more you stand to lose. It’s important to make sure your liability insurance is set high enough.

 

Liability – (Damage done to the other party) is separated into two categories:

Property Damage – The minimum for Florida is $10,000. It is unlikely that is enough to really protect you in an accident. New cars on the road today can range anywhere from $11,000 to upwards of $200,000 for luxury or sport models. That could leave you holding an incredibly expensive repair or replacement bill.

Bodily Injury – The minimum coverage for bodily injury here in Florida is $10,000 per person or $20,000 per accident.  If you injure someone, you could be sued for very high amount.  The amount of Liability coverage you carry should be high enough to protect your assets in the event of an accident. Cheap discount auto insurance almost never pays off in the end. Save now = Pay later.

 

Damage incurred to your vehicle:

Comprehensive – Covers the cost of damages to your car not caused by a collision. The higher the deductible you choose, the lower your monthly premium will be. Comprehensive covers things like fire, theft, hurricane or storm damage.

Collision – Covers the cost of damage to your own car due to an accident. The value is based on the value of your car, truck or motorcycle. Only a deductible need be set. The higher the deductible you choose, the lower the premium will go.

 

Other important coverage:

Uninsured Motorist Coverage – If you have an accident and the other driver is found to be at fault but has no insurance, uninsured motorist coverage covers the space between your costs and the other driver’s coverage, up to the limits set on your coverage.

Personal Injury Protection (“PIP” or “No-fault”) Florida is a no-fault state. PIP covers your medical expenses and those of your passengers, no matter who was responsible.

Medical Expenses – Takes care of the cost of medical care for you and your passengers in the event of an accident.  The limit you choose is the maximum that will be paid for each person.

Having the right insurance levels set can help to set your mind at ease should you be involved in any type of auto accident.

Let Centennial Insurance Help

Centennial Insurance Services is an independent agency which is able to assist with all of your insurance needs be it personal or business. With over 15 years’ experience in the industry they are able to do the leg work for you and eliminate the need for guessing. Give them a call today 239-247-5125 in Fort Myers, FL 904-598-1036 in Jacksonville, FL or visit http://www.cisinsfl.com/ for your free no obligation customized quote.

Originally Published: http://www.cisinsfl.com/2015/11/are-my-auto-insurance-coverage-limits-high-enough/

 

 

You’ve Been Hit by an Uninsured Motorist – Now what?

The expectation is, due to legality, that everyone on the road is insured. Unfortunately, that isn’t always the case. Uninsured drivers exist in virtually every state. Though the reasons may vary as to why they choose not to or are unable to purchase insurance, the result is the same. If they are involved in an automobile accident the other party involved has to be able to pick up the slack and cover the damages as well as the liability.

What is uninsured motorist coverage?

Uninsured motorist insurance covers your medical bills and wage loss that starts when the $10,000 PIP (Personal Injury Protection) maxes out and the at-fault driver was carrying no insurance at the time of an accident.

Only a percentage of drivers opt to carry bodily injury coverage. The standard PIP many times does not cover the accumulated medical bills. This creates an issue not only for totally uninsured drivers but also with many underinsured as well.

Drivers without insurance generally are not prime candidates financially to bother filing suit against. Instead you would file a claim against your own auto insurance coverage up to the limit of your uninsured driver policy.

As far as underinsured drivers involved in an accident, they are categorized as such because they have elected coverage that falls short of covering your inflicted damages and or injuries. Uninsured and underinsured driver insurance coverages can only meet and match your own liability coverage, they cannot exceed it.

An option that can help if you have more than one vehicle insured is to “stack” coverage in an amount equal to your bodily injury liability coverage. Stacking coverage increases in amount for each vehicle you have on your policy. This option doesn’t add much cost to your premium and can greatly increase the value of your coverage.

In the new study Uninsured Motorists, 2014 Edition, the IRC (Insurance Research Council) estimates the percentage of uninsured drivers Florida has among the highest estimated uninsured motorists anywhere in the United States. It was estimated for 2014 that Florida had 3.2 million uninsured drivers on the roads (between 15-26%).

According to the Statistic Brain Institute in 2013, the percentage of accidents caused by uninsured motorists was 14% with 40% of uninsured cars being of models 15 years or older. So watch out especially for late model cars on the roads.

The best way to determine the right coverage is to talk to a qualified Insurance agent who can customize a policy quote specific to your needs.

Centennial Insurance Services is an independent agency which is able to assist with all of your insurance needs be it personal or business. With over 15 years’ experience in the industry they are able to do the leg work for you and eliminate the need for guessing. Give them a call today 239-247-5125 in Fort Myers, FL 904-598-1036 in Jacksonville, FL or visit http://www.cisinsfl.com/ for your free no obligation customized quote.

Originally Published:http://www.cisinsfl.com/2015/10/youve-been-hit-by-an-uninsured-motorist-now-what/