If you finance a vehicle in Longwood, FL, you need an auto insurance policy with full coverage. In doing so, you ensure the lending agency continues to receive payments if your car is designated as totaled.
Florida Insurance Requirements
Under Florida law, vehicle owners with an active registration must have a policy from a state-licensed insurance firm. At a minimum, they require $10,000 in Personal Injury Protection (PIP) and Personal Damage Liability (PDL). The former covers health issues of drivers and passengers related to accidents. Meanwhile, PDL handles damage to another person’s property, like a vehicle or building.
You must carry proof of your insurance coverage while you drive. Failure to provide this information if pulled over by law enforcement may result in fines, license suspension, or impounding your vehicle.
What is Full Coverage?
If your vehicle is financed, it’s necessary to have additional coverage. Dubbed full coverage, it includes general liability for property damage and injuries. Furthermore, you must have collision coverage to pay for damage to your vehicle, no matter who is at fault. On top of this, comprehensive insurance is needed to pay for damage related to vandalism, fire, or severe weather issues.
How Much Coverage Do I Need?
The values of liability, collision, and comprehensive coverage depend on the type of financed vehicle. For instance, premiums for a low-cost, traditional subcompact may be lower than those for a full-sized luxury sedan.
In the end, don’t estimate your coverage amounts. It’s best to work with a firm like Express Insurance to obtain the proper values for your financed vehicle. Contact one of our representatives for more information.