At B & G Insurance in Miami, FL, we usually receive this question from our clients: How much auto insurance do I need? You see, most motorists renew their auto insurance every year but never pause for a moment to think whether they have sufficient coverage. Unfortunately, if you have insufficient auto insurance, you will likely incur out-of-pocket expenses when the unthinkable strikes. So, how much car insurance do you need? To help you decide, let’s first look at the state-required auto insurance.
Minimum auto insurance in Florida
To understand the amount of auto insurance you need, you have to meet the state-required minimums first. For instance, in Florida, motorists must include the below coverages in their auto insurance policy:
- Property damage liability of at least $10,000
- Personal Injury Protection (PIP) of a minimum of $10,000
If you look at the state-required minimums, they are pretty low and won’t cover you if faced with a severe accident.
How much liability coverage do you need?
Although Florida doesn’t require bodily liability insurance, we strongly advise you consider this investment. Generally, we advise our clients to have a combined bodily injury and property damage liability of about $500,000. If you need more liability coverage, you can consider investing in umbrella insurance.
How much collision and comprehensive insurance do you need?
Here are some questions to help you decide how much physical damage coverage you need. What amount of deductibles are you comfortable with? How much of your car repairs can you handle comfortably? Can you afford to replace your car if it were totaled? Answering these questions guides you on how much auto insurance you require. Ultimately, collision and comprehensive coverage should be enough to replace your car in the worst-case scenario.
Learn more about auto insurance
Still not sure about how much auto insurance you should carry? Please get in touch with B & G Insurance of Miami, FL, for more information.