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DO YOU KNOW YOUR INSURANCE COVERAGES – Jacksonville Car Accident Lawyer Ocala Car Accident Lawyer

As the 4th of July approaches and many people will hit the road and travel for the holiday, do you know and truly understand your insurance coverages?

Last year I was rear ended in an accident and had a million things go through my mind. Am I ok? Is everyone else ok? Will I need a new car? How much will this cost?

One thing that gave me peace of mind was knowing that I had good insurance coverage regardless of what the at-fault driver was carrying. Unfortunately, far too many people are underinsured. They either just want the cheapest price, or don’t fully understand the extent of their coverage.

I’ve gone ahead and attempted to explain in basic terms what each insurance option covers, so it can aide you and your family in deciding what coverage you need.

Take the time to review your insurance policy before its too late, because there is generally no post-accident ability to add coverage.

I’ve broken the typically available coverages down into First-Party (meaning they provide coverage for you or your property) vs. Third-Party coverages (meaning they provide coverage for you against liability towards others).

FIRST PARTY COVERAGES:

Personal Injury Protection (“PIP”)

Florida is a no-fault state. This doesn’t mean that no one is at fault for an accident or that a negligent party cannot be held responsible for their actions.

PIP coverage is a mandatory coverage for every owner or registrant of a motor vehicle which is required to be registered in the state of Florida. What PIP or “no-fault” coverage actually does is cover 80% of a injured parties medical bills, 60% of their lost wages, and 100% of replacement services up to $10,000 regardless of who is at fault.

Furthermore, you may elect up to a $1,000 deductible on your PIP insurance, which shall result in a premium reduction.

Medical Payments Coverage

Medical payments coverage (“MedPay”) may or may not be offered by your insurer. It is an optional coverage which typically works hand in hand with your mandatory PIP coverage.

MedPay is purely contractual and therefore you should check with your insurer to be aware of exactly what it covers. MedPay typically will cover the 20% co-insurance portion of PIP and additional amounts past the $10,000 PIP limit. MedPay can typically be bought in amounts as small as a $1,000 and up to $10,000 or more.

Uninsured/Underinsured Motorists Coverage

Uninsured/Undersinsured Motorists Coverage (“UM”) protects you, your resident relatives, and those in your vehicle for bodily injury claims caused by the negligence of the other driver, when that driver has no insurance or inadequate coverage.

UM can help pay for medical bills, lost wages, and pain and suffering both already pending and in some cases for those still to accrue in the future.

Florida has a high rate of uninsured and underinsured drivers.Particularly because the minimum requirements of the state of Florida only make mandatory PIP (which covers one’s own medical bills) and Property Damage (Which covers damage to another person’s vehicle).

To protect you and your family for injuries sustained in an accident UM will provide security and peace of mind for regardless of who the negligent party is.

Collision Coverage

Collision coverage protects you for damages or total loss caused to your vehicle by virtue of any type of collision. This includes a collision with another vehicle, piece of property, or anything else.

Collision coverage will pay for repairs to your vehicle regardless of fault. It is paid by your insurance company, and if the damage was caused by a negligent party, your insurance can try to subrogate (or get money back) from the at-fault party.

Collision coverage will protect you for damage to your vehicle if you get hit as the result of someone else’s negligence, but they do not have insurance, do not have enough insurance, or if you are at fault. It gives great peace of mind and can typically be accompanied with a deductible to help lower the premium.

Comprehensive Coverage:

Comprehensive coverage protects your vehicle from damages or a total loss caused by theft, vandalism, or an “act of God.” Acts of God include storm damage, flooding, falling trees, etc.

Collision coverage does not protect you for thefts or these acts of God. Only comprehensive coverage will cover these damages to your vehicle. Comprehensive coverage can typically be accompanied with a deductible to help lower your premium.

Renters Insurance/Roadside Assistance

Many insurance companies offer renters and roadside assistance to their customers. They are typically relatively cheap and can make life after an accident a whole lot easier. They provide these services regardless of fault and can really be of great help in a time of need.

THIRD PARTY COVERAGES:

Bodily Injury

Bodily Injury coverage offers you protection against injuries caused to others as a result of an accident in which you are at-fault. Bodily injury is not a required coverage in Florida, but is a must have to protect your assets and livelihood.

Furthermore, it covers those who operate your vehicle. Many people are surprised to find out that if you lend your vehicle to someone and they cause a wreck while in your car, you are just as liable as if you’d been driving the car yourself. Finally, it also covers you and resident relatives while driving a vehicle not on your policy.

Bodily Injury coverage also will provide you legal defense in the event you are sued for the injuries caused by the accident.

No one plans on an accident, but they do happen and if you have not properly covered yourself you could lose everything you have spent your entire life working for. Don’t compound a mistake by failing to adequately cover yourself.

Property Damage

Property Damage coverage will protect you for damage caused by you to another persons vehicle. Property Damage coverage is a mandatory coverage required for all Florida motorists.

You are required to have at least $10,000 in Property Damage coverage, but it is recommended to carry more. The costs of damages to a vehicle or multiple vehicles can add up quickly. Cars are safer than they have ever been, but are also more expensive to fix.

Protect your assets with adequate coverage.

If you or someone you know has been involved in an automobile accident, call us today in Jacksonville at (904) 990-4PIP(4747) or in Ocala at (352) 683-9100.

Jacksonville Car Accident Attorney, Jacksonville Car Accident Lawyer, Jacksonville Car Crash Lawyer, Ocala Car Accident Attorney, Ocala Auto Accdient Lawyer, Ocala Car Crash Lawyer, 

The information in this post is meant to convey general information only. It should not be relied upon as legal advice. It is not an offer to represent you, nor is it intended to create an attorney-client relationship.

Jacksonville Car Accident Attorney, Jacksonville Car Accident Lawyer, Jacksonville Car Crash Lawyer, Marion County Car Accident Attorney, Marion County Auto Accdient Lawyer, Marion County Car Crash Lawyer

Call us today at (904) 990-4747 or (352) 683-9100.

Duval County Car Accident Attorney, Duval County Car Accident Lawyer, Duval County Car Crash Lawyer, Ocala Car Accident Attorney, Ocala Auto Accdient Lawyer, Ocala Car Crash Lawyer, Jacksonville Car Accident Attorney, Jacksonville Car Accident Lawyer

The information in this post is meant to convey general information only. It should not be relied upon as legal advice. It is not an offer to represent you, nor is it intended to create an attorney-client relationship.

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