The Key Points to Keep in Mind While Buying The Auto Insurance in Florida

When it comes to the highest concentration of car owners, the US leads the rest of the world by a substantial margin. Again by the US standard itself, the state of Florida has got one of the highest counts of car owners. This holds true for the personal and the commercial vehicles alike. This massive count of car owners keeps looking for the best auto insurance in Florida. As the notes, the market for auto insurance in Florida is highly prospective.

The abundance in the available option for Florida car insurance is definitely a candid, standing for the car owners. It is because they will get the maximum scopes of options to consider. This will help them to pick the best car insurance Florida. However, to make things happen this way, they will require approaching the search for best car insurance in Florida, being wise and considerate. This will enable them to pick the cheapest car insurance in Florida that will extend them the most extensive coverage, within the minimum expenses. Paragraphs underneath shall discuss key points about the Car Insurance policies in Florida.

Buying The Auto Insurance
Image Credit: Pixabay

How much is car insurance in Florida- average rate of premium on Car insurance in Florida?

Insuring  the vehicle, before hitting the roads is a legal compulsion. In addition, the insurance coverage safeguards the interest of the car owners from various aspects. However, the rate of car insurance premium is rising sharply with the passage of time. As such, car owners will definitely have the question, how much is car insurance in Florida.

Well, the answer to this question is completely relative. The exact amount of the premium will depend on various factors, of which a few points are mentioned underneath:

  • The model of the Car and its existing value
  • The age of the car
  • The location of  the car owner
  • The Purpose of using the Car
  • The age and driving history of the car owner.
  • The Credit Score of the Car owner
  • The extent of coverage and the riders added to the basic policy
  • The Insurance company

As it comes up from a research by one of the websites, serving insurance quotes online, the average car insurance Florida cost is around USD 150 a month that amounts to USD 1800 per annum. However, this amount is purely indicative.

To find the cheapest auto insurance in Florida, it will be wise to avail the Free online quotes. This will enable you to compare the extent of coverage and the premium cost of policies from different providers. You should pick the policy that is offering you the widest scope of coverage, within the modest rates. However, you require giving due consideration on the reputation of the insurer as well.

Requirements of auto insurance in Florida

As per the prevailing law in Florida, drivers should have Personal injury protection to the minimum extent of USD 10,000. This covers the driver, the passengers, as well as other drivers, authorized to drive the car. In addition, the law mandates that you must hold a minimum coverage of USD 10,000 for covering the liability of paying for the damage caused to other vehicles.

Car Owners can certainly opt for the coverage to the minimum extent, as the State mandates. However, it makes a better sense to avail the coverage for the bodily injury liability. This coverage will pay off the compensation to 3rd parties for their physical injuries, caused by the car owners or the authorized drivers. The minimum extent of coverage  in this regard is that of USD 10000 per person and it can go up to USD 20000 for each accident. If you own a home or you own high worth assets, you will require going for higher limits.

Though the State does not make it a compulsion for the Car owners to buy this policy, the majority of the insurers requires the car owners sell such coverages as part of the basic policy. It is for the reason that Floria happens to be a No-Fault State. Hence, treatment for all types of physical injuries gets covered by the coverage for personal injury.

The limit in this extent is capped to the sum assured value of the policy. No matter who was responsible for the accident, you will still receive the benefit. However, if the bill surpasses the permissible limit, the party causing the accident will have legal and personal responsibility to pay the differential amount.

If you decide to go for the comprehensive, collision and insurance coverage, you will require paying a higher premium cost. However, this would never be a fortune amount. If truth be told, the expenses will be even lesser than USD 100 a month.

Recommended car insurance coverage in Florida

What  should be the ideal value of the car insurance to buy? The best insurance coverage for your vehicle may not come within the inexpensive rates. If the valuation of your assets is towards the lower sides, it will do, if you are buying the minimum insurance coverage. However, if you own a house property and you have made some substantial investment, this will not be a wise act to do. For such car owners, you will be at the risk of your property and money snatched for covering the cost of the accident. If you have financed the purchase of your car, it will be wise to avail the collision and comprehensive protection plan.

  • Liability Coverage: The extent of liability coverage is to be decided, depending on the valuation of your net assets. Likewise, car owners who have financed the car, should opt for substantially higher coverage, compared to the minimum extent as mandated by law.
  • Collision and Comprehensive Coverage: you should definitely avail this scheme, if your car is lesser than 10 years of age. On the other hand, you should only opt for the Collision coverage, should your car is 10 years or older. However, if the current value of the car is over USD 3000, you should still opt for the collision and comprehensive coverage, even if the car has crossed the aging of 10 years.
  • Under insured and uninsured coverages are optional choices and it has to match the ceiling of the liability that the car owner has chosen.
  • It will be wise to avail the Medical Coverage that will cover the medical expenses, borne by the driver and the passengers. It will cover the instances, wherein the actual expenses have surpassed the compensation available from the health insurance plan. In addition, it will extend additional protection to insured drivers who are getting hit by a car, while biking or walking.
  • Gap Insurance: this is strongly recommended for those car owners whose car is lesser than 1 year of age and have put lesser than 20% of the cost of the car as the down payment. If you have a plan to lease the car, buying the Gap insurance will be a good idea. However, if you have purchased the car with hard cash, you need not to go for this additional coverage.

Laws In Florida about Car Insurance policies and coverages

  • Discount for senior drivers: the state mandates that the insurer should offer a flat 10% discount on the premium rates to Drivers over 55 years of age. However, these drivers have to undergo a driving course, approved by the state authority. Eligible drivers will be entitled to the discount rate for 3 years, if they are not causing any accidents or violating the driving rules.
  • Hurricane Warning: Comprehensive coverage plans are available for the car owners from Florida that safeguards their cars from Hurricanes and tropical storms that hits the state each year. However, the benefits from such plans will be available to only those car owners, who have brought the plan before the warning for such events were issued.
  • Expired Registration: if the car insurance has expired for lesser than 6 months, you will be liable for a penalty of USD 100.If the license expired at a date, more than 6 months, it can attract imprisonment of 60 days and/or a penalty to the extent of YSD 500.
  • Drivers who have crossed the age of 80 years, require renewing the license, in intervals of 6 months. For each renewal, those drivers require going through a compulsory eye examination.
  • The Comprehensive coverage plan will not cover the expenses for repairing or replacing the windshield of the car.
  • Violation for seat belt rules will will not fetch points on the records of the car owners.

While buying the insurance policies for your car, you must give adequate considerations on the points stated above. This will support you to find the most extensive coverage for you and your car, within the most reasonable rates. You should give good consideration on the reputation and track record of the insurer in settling the insurance claims. Selecting an insurer that has got the record of settling the claims within the shortest turn around time, you can ensure that the policy will actually fetch you’re the benefit from the policy, when you will need it the most.

John from The Car People shares a lot of advice and ideas about cars. He has always loved cars since he was a boy and can usually be found at car shows or adding to his car collection.