Your Yearly Insurance Review

Every year at about this time, I like to review auto insurance with you. Many options are available to you, but some kinds of auto coverage are required. In Florida, the required coverage for the privilege of purchasing a license tag are a minimum of $10,000 of PIP coverage, which we recently talked about, and the same amount of property damage liability coverage. Surprisingly, Florida doesn't require people to insure for bodily injury they may cause to others, but it does require drivers to be financially responsible for bodily injury to others to the extent of $10,000. If a driver injures someone and doesn't have that amount of money (in coverage) to pay for the damages, the driver's license can be suspended.

It's a good idea to buy bodily injury liability insurance to keep that from happening. I recommend a minimum of $50,000 of coverage. The property damage liability I mentioned earlier is to pay for the damage you do to someone else's property if you are negligent. It will pay for damage to the other car, but is not confined to that. It will also pay for things like buildings, fences, and power poles that are damaged, as well as injuries to animals.

PIP coverage will pay some of your medical expenses and lost earnings, regardless of who is at fault in a wreck, and it also pays a modest amount of funeral expenses. The basic PIP limit, as I said, is $10,000, but more can be bought. I encourage it for your own sake. You want money to come in as needed after an injury to replace your lost wages. I also advise against opting for a deductible on PIP coverage. You won't save enough money to sneeze at, and it's likely you will need all the PIP coverage you have if you are hurt. Other kinds of auto coverage are available and are very important. Next week, I will tell you about some of them.

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