Automobile insurance is required, so it’s essential that you carry it. The type you carry, though, depends on your needs and preferences.
The law typically only requires you to carry liability insurance, which would cover damages you cause to another person’s vehicle in an accident. Anything beyond that is your choice, but there are a few times full coverage is the best option.
You’ve Owe On the Vehicle
If you are currently paying on the vehicle or you have a loan against it, you’re probably required to carry full coverage. Most lenders make it a condition in the contract, as they want to ensure they get their money should the vehicle be destroyed.
Even if they do not make it part of your loan contract, full coverage is a way to protect yourself. If your vehicle is damaged or totaled, the lender or auto dealer still expects to get paid. To prevent lawsuits and possible paycheck deductions, consider keeping full coverage at least until it’s paid off.
You Have a Teen Driver
Teaching a teenager to drive is more than a heart-pounding situation – it’s a potentially dangerous one. Though you hope that nothing will go wrong, there is always a chance of an accident. Carrying full coverage helps ensure that any damage caused by your teen driver is covered – as long as they’re listed on your policy.
Your Savings Is Limited
Not everyone on the road follows the law, meaning that there are many drivers out there without coverage. The last thing you want is to be involved in an accident with someone who has no insurance to cover the damage to your vehicle. This will likely leave you without a vehicle or a way to get repairs made – unless you have a nice chunk of money put away. Full coverage insurance through a Florida insurance agency is the best way to ensure you are covered, regardless.