In the state of the Florida, the minimum required insurance coverages are $10,000 in property damage, $10,000 in bodily injury for one person, $20,000 in bodily injury per accident, and $10,000 in personal injury protection. Most people know that if they are in an accident, these minimum coverages are not enough to cover the damages after an auto accident. Instead, drivers often get better coverage with higher limits and additional coverages like uninsured motorist or rental car insurance. One of the most popular options is to get full coverage insurance because it provides peace of mind that everything will be covered after an accident. However, that is not always true.
What Is Full Coverage Insurance?
Full coverage is a term for a broader set of coverages offered by insurance companies. Full cover includes bodily injury, PIP, and property damage. The difference is that it also includes collision and comprehensive coverages. Collision coverage covers the costs of property damage from a collision, regardless who is at fault. Comprehensive covers damages to your vehicle that are outside of auto accidents, such as theft, vandalism, or damage from bad weather. Full coverage is often required by the lender that helped you purchase the car as a mechanism to help them protect their investment.
Misconceptions About Full Coverage Auto Insurance
Most drivers are misled by the term “full coverage” auto insurance, often by the insurance companies themselves as a way to make more money. Full coverage is simply the state minimum requirements, plus comprehensive and collision. So when you have full coverage, you are not going to be fully covered in an accident. As with all insurance coverages, what really matters is the policy coverages and limits of the at fault driver.
How Full Coverage Actually Works After An Accident
Full coverage is not designed to cover the costs of an auto accident. Instead, it is a policy designed to cover the costs of damage to your vehicle. After an accident, even with high limits, your full coverage auto insurance plan will only cover the property damage to your vehicle. Though vehicles are expensive to repair or replace after an accident, the biggest cost following an accident is usually medical expenses.
A Better Way To Protect Yourself
Rather than getting a full coverage policy, a better way to stay protected in an accident is to get the right coverages that will help pay for your heavy medical expenses. In general, it’s a good idea to have the following:
● 250/500/250 Liability Coverage: $250,000 for bodily injury per person, $500,000 for bodily injury per accident, and $250,000 for property damage
● 100/300 Uninsured And Underinsured Motorist: $100,000 for uninsured motorist and $300,000 underinsured motorist
● PIP: $10,000 is both the minimum and maximum allowable limit in the state of Florida
These coverages at these limits will help ensure that if you are injured in an accident, your insurance plan will cover the costs. Having a high liability will help protect you if you are at fault but it will also help cover what the other driver’s insurance does not cover.
Why You Need An Attorney Even If You Have Full Coverage
No matter what type of insurance plan you have, you will almost always need an attorney after an accident. First, attorneys help establish fault, which ensures that the insurance of the driver responsible will pay for most of the damage. Secondly, attorneys will negotiate with both insurance companies to get a fair settlement that covers your damages. Finally, an attorney will help make the insurance companies pay what they owe.
Even if you have a really strong policy, insurance companies will do everything they can to get out of paying for a claim.
If you have questions about what coverages you should have to be protected while driving on Manatee County’s dangerous roads, contact Bernie Walsh of Goldman Babboni Fernandez & Walsh or visit our law firm website’s Bradenton page at https://www.JusticePays.com/Bradenton