Although not required by law, many drivers take out other types of insurance coverage besides mandatory PIP and property damage liability insurance. Car rental companies typically sell collision damage coverages that, while similar to insurance, are not insurance and are not subject to the regulatory authority of the Department of Financial Services. The following explanation is provided to demystify your insurance options and to help you understand why certain types of insurance are the best way to protect yourself and others. UM insurance coverage covers your damages if you have an accident and the negligent driver doesn't have liability insurance for bodily injury (uninsured motorist) or doesn't have enough BI to reimburse your losses (underinsured motorist).
If you've recently moved to Florida, it's best to immediately find an insurance agent who can help you with information about car insurance. The best way to find affordable car insurance that offers the protection you need is to compare prices with different providers. We recommend getting three quotes from different providers to make the best comparison of auto insurance rates. The minimum amount of car insurance needed to meet your needs depends on several factors, such as the state in which you live, the value of your vehicle, and the amount of insurance you can afford.
Collision insurance pays for repairs to your car if it collides with another vehicle, hits an object, or rolls over. Gap insurance generally covers the difference between the value of your car and the balance of your loan if your vehicle is full. How much car insurance you need and how much car insurance is required are two very different questions. The question of how much car insurance to buy is difficult to answer because it becomes a personal decision, which is often based on the finances of each individual or family.
Anyone who has a car in Florida for more than 90 days over a 365-day period must take out PIP and liability insurance for property damage.