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Florida Collision Insurance Coverage

Florida Collision Insurance Coverage

For people who are interested in protecting their car, there are many types of insurance. One of the most popular types of coverage is called collision insurance and may be necessary for a number of reasons. No matter what type of vehicle that you drive, you need to seriously consider Florida collision insurance coverage.

What Does Collision Insurance Mean?

Collision insurance is a type of insurance that pays for the damages to your car in certain circumstances. It should be noted that there are some limits to what this type of insurance will actually cover, however.  In Florida, you may need to consider the fact that deer vs. auto collisions may happen more frequently than in other states. Florida collision insurance may not cover the damage for those types of incidents.

The Basic Facts of Collision Insurance: Florida Collision Insurance Coverage

  • Pays for your vehicle’s repairs even when you are the cause of the accident. (Other insurance types may not provide coverage when you are deemed at fault).
  • Pays for your car’s repairs only up to the level of fair market value, which may not be enough in some circumstances.
  • Collision insurance requires a deductible, an amount that can vary according to your needs.

Collision insurance is not required in any state of the US, but is highly recommended. It may also be required in other situations.

How Your Collision Insurance’s Deductible Can Save You Money

Your insurance deductible is the amount that you must pay before insurance kicks in. To save money on your insurance coverage amounts, the deductible can be adjusted. The higher the deductible that you agree to pay, the lower your insurance premium will be. That is only one of the ways that you can get discounts on your collision insurance costs. While a higher deductible might sound frightening, there are ways to lessen the impact when the time comes.

For instance:

  • Divide the cost of the deductible into monthly payments and then put that amount into a savings account, earmarked for this use only. If it is not used for the deductible, the amount can be left in the savings account or used to pay for the insurance at the next renewal.

Situations Where Florida Collision Insurance Coverage May Be Required

While there are no states, including Florida, that require collision insurance, there are some situations where it will be:

  • If you are leasing your vehicle, the leasing agent will require collision insurance for the life of the lease.
  • If you have a lien on the vehicle, collision insurance will be required as well.

Will Collision Insurance Alone Be Enough for My Vehicle?

If you are involved in an accident, collision insurance will cover repairs to that vehicle up to the fair market value. In some instances, that amount may not be enough. These include:

  • When there is a lease or lien on the vehicle
  • When the car is totaled completely
  • When there are additional costs associated with the accident itself

In those cases, collision insurance can be supplemented with gap insurance, which is frequently recommended for those who do not want to opt for full coverage insurance coverage for their vehicle.