No one ever expects to have an accident. You are driving along, or pulling out of a parking spot when suddenly – BAM! Your day is now totally off track. Your vehicle may be damaged, non-drivable in its current condition or possibly even totaled. You yourself may be bruised, banged up, or injured.
Accidents are frightening, disarming, time consuming and expensive.
The majority of people don’t know off the top of their heads what their auto insurance policy includes or worse yet, might not include. There are some key pieces that you could benefit from greatly to look at and go over before an accident takes place.
Let’s do a quick policy review:
Liability – Bodily Injury – If you hurt someone in an accident this is the chosen set limit your insurance will pay towards their medical bills. If an accident is severe, you could be held responsible for medical expenses that exceed your coverage limits leaving you open to a possible lawsuit.
Liability – Property Damage – This coverage pays for any damage done to the other person’s property. You are held responsible for payments on value above your coverage limit. Here in SW Florida there are a lot of high end vehicles on the roads – Mercedes, Jaguar, Land Rover, Bentleys and more. If you have a limit of $50,000 and you total out a $300,000 car due to an accident, that leaves you on the hook for the remaining $250,000.
Collision Coverage on your vehicle – Covers damage to your vehicle caused by impact with an object other than an animal. This coverage pays whatever the repair cost less your chosen deductible. The higher the deductible, the lower the cost of coverage. Just make sure you set the deductible at a range you are comfortable paying out of pocket should you need to.
Comprehensive Coverage on your vehicle – Comprehensive covers damage cause by something other than a car accident with another motor vehicle. This can include hurricane damage, hail, tree branches, hitting an animal, or theft of the vehicle itself.
Though every insurance company is different, here are a few inclusions that may be offered and are optional here in Florida.
Bodily Injury and Uninsured Motorist Bodily Injury – If an uninsured motorist injures you or your passengers your insurance will help you pay the bills. Level chosen is usually the same as your bodily injury selected.
Personal Injury Protection – This helps to pay medical expenses if you are injured in an accident. It is set in the amount of $10,000 with a chosen deductible.
Work loss – Work loss insurance will help pay your salary if you are unable to work due to an accident. The percentage varies from company to company but can be as much as 80%.
Medical payments – You can choose additional coverage in the event of an accident and your insurance will make an additional payment equal to that amount for each person injured.
Accident forgiveness coverage – A one-time at fault accident is forgiven and your policy will not increase.
Rental Reimbursement – Should your car be involved in an accident; this inclusion allows you to contract a rental car while yours is in the shop at no cost to you.
Towing & Labor – Emergency roadside assistance. If you do not have a policy in place such as AAA it is advisable to add this to your insurance in the event of a breakdown.
Knowing where you stand in the event of an accident is important. Waiting till you have one can be disastrous for your financial future. Talk to a Centennial Insurance Services agent today. 239-247-5215 www.cisinsfl.com.