If you are in an accident and your car or truck is declared a total loss a basic auto insurance policy will only pay you for the value on a car less the depreciated value. Auto policies also offers risk coverages to be applied toward damages which have been caused to a third party or property. As per law, auto insurance is mandatory in Florida for all licensed drivers. There are two types of auto insurance – Collision and Comprehensive.
Collision covers damage to your vehicle should you collide with another vehicle. Comprehensive covers acts of nature such as a fallen tree branch, theft, vandalism, and more.
What most don’t know is that by paying little extra on your car insurance ppremium, you can add additional benefits. These additions are called Add-ons and are optional.
Take a look at some of the add-on covers that Centennial Insurance Services offers through various policies.
Gap Protection: At the time of a claim settlement, the insurance company calculates depreciation on certain parts of your car. This results in less claim amount. However, if at the time of buying your auto insurance if you include Nil Depreciation cover in your policy, you would probably get the full claim amount.
PIP – Personal Injury Protection (PIP) is a vital policy add-on for anyone that doesn’t have a full coverage health insurance. PIP protects both you as well as your passengers from personal injury by covering medical expenses. These expenses include medical and surgical treatment, ambulance costs, medication, and in some policies, even lost wages and rehabilitation services riders. PIP is considered no-fault coverage so it applies even if you are found at fault in causing the accident.
Florida is a transient state where there are many uninsured and even unlicensed drivers on the roads. Should one of them hit you, you have virtually no legal recourse against them. You may take them to court, but if they don’t have the money for insurance, you can almost certainly bet any judgment made against them in court will make no difference in getting money into your hands. You cannot get blood from a stone. Should the worst happen, at least your own policy will cover you and get you back on the road and on your way to health again.
Work Loss – If you are able to find a company that offers add on work loss insurance, grab it. It is reasonably priced. If you were injured in an accident and unable to work, this coverage will pay you up to a % of your normal income so you aren’t strapped for cash and are able to relax and heal.
Adding these few things to your policy won’t boost your rate much and could save you big time in the event of an accident.
Interested to learn more? Call us. Centennial Insurance Services. (239) 247-5125 or visit us online at www.cisinsfl.com.