Auto insurance can be a little confusing, especially when you don’t think about it every day. And you don’t want to think about it every day but, if you own a car in Florida, state law requires you to purchase auto insurance. Beacon Insurance Partners is here to help you find what you need for a price you can afford.
Too many motorists own insurance policies that they don’t understand and probably won’t until a day comes when they need it. If you’re one of them, here’s a little basic information to help you understand what you have relative to what you might actually need.
- Collision Coverage – Insures your vehicle if you collide with another vehicle or an object, such as a wall, a tree or a barrier.
- Comprehensive Coverage – Insures your vehicle against damage involving incidents other than collisions. Think falling objects, fire, theft, flood, vandalism and so on.
- Liability Coverage – Insures the other guy against losses that are your fault. Policies commonly include a limit of coverage for bodily injury and property damage. For example, a limit of $100,000/$300,000/$50,000 would pay up to $100,000 for bodily injury per person. It would pay a total of $300,000 per accident for bodily injury and $50,000 for property damage. You also can buy a combined single limit of liability insurance, which makes no distinction between property damage losses and bodily injury claims.
- Med-Pay – Widely misunderstood and often poorly explained, the most important thing to understand is that med-pay covers 100 percent of your own medical bills after you’ve exhausted your mandatory $10,000 coverage limit for personal-injury protection (PIP). Think of med-pay as health insurance for auto accidents. Med-pay also covers costs not covered by PIP, such as injuries from accidents in out-of-state rentals and other non-owned vehicles, and injuries from accidents on board public transportation. Med-pay even covers PIP co-payments and injuries from out-of-state auto-pedestrian accidents. It even covers funeral costs and other expenses not covered by PIP. One other important point to know about med-pay is that it’s cheap.
So, maybe you’re not a sudden expert on auto insurance but we hope you learned something. Either way, we’re here to help you make an educated decision about how much coverage you need and where to find it for the lowest price. As an independent agency with access to multiple insurance companies, Beacon Insurance Partners is the right source for auto insurance.