Tips When Buying Auto Insurance

by | Oct 14, 2020

Whether you buy your auto insurance on the web or at an agency, you will be faced with terms such as BI, PIP, PD, UM, and MedPay; they can all be confusing.
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BODILY INJURY (BI)

The insurance you buy to cover someone else in the event you cause the accident. Although not required in Florida, it is very wise to have as much you can afford, but at the least $10,000.00 worth.
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PERSONAL INJURY PROTECTION (PIP)

A small health insurance policy with a maximum payout of $10,000. It covers 80% of your medical bills up to $10,000.00. If you fail to go to the ER after an accident or immediately to a walk-in clinic, the insurance company will assume you weren’t hurt and therefore any treatment you receive could not be due to an emergency need for treatment. They won’t pay $10,000.00 PIP, but only $2,500.00 towards your future medical bills. Assuming you did go to the ER or the clinic, your hospital bills will be paid at 80% up to $10,000.00.
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PROPERTY DAMAGE (PD)

The insurance you purchase (usually $10,000.00) to cover any damage you might do to another person’s automobile. With today’s cars costing in the $30,000-$40,000 range, you will be responsible for the balance, but you will need to make your own judgment as to how much you will carry based on how much premium you can afford.
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UNINSURED/UNDERINSURED MOTORIST COVERAGE (UM)

In Florida, the most important insurance you can purchase is Underinsured or Uninsured Motorist Coverage. It covers you if you suffer injuries in an accident with a driver who has very little or no insurance coverage. A large population of drivers in Florida drive with no coverage. The chances you will be struck by someone with little or no coverage is very high. Protect yourself by buying as much Underinsured/Uninsured insurance as you can. Insurance companies offer something called “stackable coverage.”
ALWAYS PURCHASE STACKABLE COVERAGE IF YOU HAVE MORE THAN ONE CAR IN YOUR HOUSEHOLD.
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COLLISION

The insurance you purchase that will cover your own car’s repair should your car be damaged as a result of an accident. Usually there is a substantial deduction before the insurance company pays, often in the amount of $500 or more.
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TOWING AND CAR RENTAL

Something I usually suggest my clients consider because it is often very inexpensive. It covers your car being towed from an accident scene and gives you the right to rent an automobile should your own automobile not be usable as a result of an accident.
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MEDICAL PAYMENTS (MedPay)

An additional amount of health insurance you can purchase with your PIP, usually at a very low cost. I usually suggest my clients purchase a minimum of $5,000. Med Pay covers the other 20% not covered by your PIP and provides 100% coverage of anything over and above that $10,000 you have purchased.

When that time comes, give us a call. We can help! Our toll free number is 1-800-332-1992 or email us at info@Qlaw.com.

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