Why do you need car insurance? Well, if you drive in one of the 49 states where it’s required by law, then that might be reason enough. In Florida, you must carry a minimum of $10,000 in Property Damage Liability, which covers property damage to another driver if you cause an accident.
When it comes to injuries, Florida is a no-fault state, which means each driver’s own insurance covers their medical costs. That means residents aren’t required to carry Body Injury Liability, but they must carry Personal Injury Protection (PIP) to pay medical bills and lost wages up to $10,000 per accident.
Aside from being a law-abiding citizen, here are four more reasons you need car insurance.
Financial Peace of Mind
Car repairs are expensive, and an accident with a reckless driver can be out of your control. There are over 400,000 accidents in Florida per year. It’s nice to rest easy knowing you won’t have to cough up thousands of dollars out of nowhere in the event you are involved in one of them. Not to mention nearly 30% of Florida drivers are uninsured.
“Florida actually ranks number one in the country for uninsured motorists,” says AAAble owner Lance Lott. “Factor in the 128 million tourists who visit the state every year, along with the unpredictable weather and rain, and that adds a lot of risk to your vehicle. Insurance provides that peace of mind by covering your bases.”
Avoid Inconvenience and Hassle
When it comes to dealing with the headaches of a car accident, your insurance company can save you lots of time and stress. They will walk you through the process, help you with towing needs or finding a good repair shop, and most basic plans cover the cost of a rental. Since more than one-quarter of Florida drivers don’t carry insurance, adding Uninsured Motorist Coverage to your plan can help you recover costs quickly and easily.
Protect Yourself from Medical Expenses
Property damage is bad enough, but car accidents can also result in serious injuries. The right insurance can protect you from potential bankruptcy, and even pays for things not covered by your health insurance. In 2017, over 40% of accidents in Florida resulted in some kind of injury. If you’re hospitalized, CDC officials estimate an average cost of $57,000 over a patient’s lifetime.
“Florida is the only state that does not require drivers to carry Body Injury Liability, which means it’s more likely you’ll be responsible for your own medical bills, says Lott. “The good news is that unlike your health insurance, PIP medical coverage typically carries no deductible and less short-term costs, and even covers lost wages.”
Carrying more than just the minimum PIP or bodily injury amount is always a smart move.
Lenders Require It
If you finance or lease a new car, there’s pretty much a 100% chance you will be required to show proof of insurance, and it will be more than just the minimum liability. As long as you’re making payments, the lender wants to protect its asset and make sure you can cover any damage. Also, without the proper amount of insurance, you could be stuck paying for a car you can’t even drive.
Not only is it the law, but car insurance is important for many reasons, especially in Florida where a high number of drivers are uninsured or underinsured. Carrying more than just the minimum is a good idea, and it doesn’t cost a fortune to protect yourself and your family. Contact AAAble today or request a free quote online.