“I’m about to renew my auto insurance policy and my insurance agent is advising me to purchase full coverage car insurance. I was wondering if it is required by law in the state of Florida and do I really need such coverage?. James R, Jacksonville, FL”
Well, before answering your questions, its probably worth explaining quickly what is meant by full coverage auto insurance. It is not really a type of auto insurance coverage, as the name may suggest, but simply a policy which includes the collision and comprehensive coverages.
It is designed to protect your property in case you cause an accident. Sure, you will have Property Damage Liability coverage as part of your policy, but this coverage will pay for damages to other people’s property, not your own. If you purchase collision coverage, your policy will pay for repairs or even replace your vehicle, if it is damaged or totalled in a crash which you have caused.
Apart from being in a crash, your vehicle may be damaged in a fire, vandalized or stolen. That’s when comprehensive coverage comes into play.
Is full coverage car insurance required by law in Florida? That’s easy to answer. No, it is not required, unlike PIP Insurance.
Would it be a good idea to have it? A bit more difficult to answer. You need to ask yourself a few questions. How much does your car cost? Is it a model which is expensive to repair? If you cause an accident, can you afford to cover all the costs with regards to your vehicle, without experiencing any financial difficulty?
If you are driving an old car or track, which is of little or no value what so ever, it is hardly going to be a wise idea to purchase full coverage auto insurance. It will be probably cheaper to replace it than to fix it.
On the other hand, if you have just purchased an nice BMW, all of a sudden having the extra protection provided by full coverage doesn’t seem like such a bad idea.
Will it increase your premiums? Yes, adding collision and comprehensive coverages to your policy will cost your more. That’s exactly why you need to decide if the additional cost is justified.
Remember, the best way to decide if purchasing full coverage auto insurance is a sound option, is to compare quotes from different insurance companies. You may be shocked by the difference in rates. Some insurers liability only policy may be more expensive than others full coverage policy.
Comparing quotes by using our online form is easy. Spend a couple of minutes of your time completing the 3 simple steps and you will have the power to choose the right policy for you. You can even save up to 30%! What would you do with extra few hundred dollars in your pocket?