Whether you have been living in West Palm Beach for quite some time or are going to be moving to the area, figuring out how much car insurance you should purchase should be at the top of your list of priorities. With the area being so heavily populated with both locals and tourists, you’ll want to ensure you have plenty of coverage in the event of a serious auto wreck.
Florida does require all residents who own a vehicle to carry minimum amounts of auto insurance, but will that really be enough to cover you if you’re involved in an accident? Continue reading to learn more about what the state requires you to carry and the add-on coverage options that could be significantly beneficial when dealing with the insurance company after a crash.
Florida Minimum Car Insurance Requirements
Florida is a no-fault state when it comes to auto insurance. This means that you’ll file a claim with your own insurer if you’re involved in an accident, and your own insurance company will provide coverage up to the limits of your policy.
As such, you’ll be required to carry coverage known as PIP, or personal injury protection at a minimum of $10,000. The insurer will then cover your lost wages and medical bills up to that minimum. The good news is that even if your costs exceed this limit, your car accident lawyer in West Palm Beach should be able to help you file a claim to obtain repayment for the remaining expenses you incurred.
Of course, in many cases, damages are far greater than this minimum, which is why it might be a good idea to go up to $25,000 in PIP coverage or even $50,000 if you can swing the added cost on your auto insurance premium. In addition to carrying PIP coverage, you’ll also need to have the following minimum coverages:
- Property damage at $10,000
- Bodily injury liability at $10,000 per person/$20,000 per accident
- Uninsured motorist coverage at $10,000 per person/$20,000 per accident
Adding comprehensive coverage to your insurance policy is a smart idea living in West Palm Beach, as this will cover damage done to your vehicle that occurred as a result of something other than a crash. This could include the car being stolen or vandalized, subjected to the impact of a hurricane or other natural disaster, and civil disturbances such as your car being damaged in a stranger’s drunken brawl.
Your collision coverage will pay for the actual repairs to your car. Generally speaking, if you are financing or leasing a vehicle, you’ll be required to carry collision on your vehicle anyway, but the state does not require this coverage.
Gap insurance is a portion of your insurance policy that will help you if your car is totaled in an accident and you are upside down on your auto loan. Being upside down means that you owe more on your car than it’s technically worth and if your car is totaled, it means that the cost to repair the car is more than it’s worth.
Without gap insurance, you’ll be stuck covering the rest of the amount of your auto loan after the insurance company pays their portion. With gap insurance, you can rest easier knowing you won’t be stuck with the remaining balance.
Rental Car Coverage
Having rental car coverage on your insurance policy is a great idea because then, if your vehicle needs to be in the shop for a significant amount of time, say a couple of days, weeks, or months, your rental car will be covered by your insurance company so you don’t have to cover that cost out of your own pocket.