Car Insurance Advice - Florida Needed?

Car Insurance Advice - Florida Needed?

I have been going over my policy and lowered my PIP. I have a 9 yr old SUV so no comp and collision, I would like someone with insurance or legal experience to look over my coverage and tell me if sufficient. I am a home owner with no equity. I have no other assets other than an ROTH IRA and bank accounts with about $1000.or detailed coverage descriptions, hover over the associated below2003MITSUBISHIMNTROSPXLSTotal Vehicle Premium: $466.00Protects you and your passengersBodily Injury Liability [Edit]Current Limit: $20,000/$20,000$167.00Property Damage Liability [Edit]Current Limit: $50,000$136.80Personal Injury Protection-Insured [Edit]Current Deductible: $1,000 Ded.$162.20Personal Injury Protection-Insured &- Relative [Add]Current: Not CarriedNot CarriedPersonal Injury Protection -Insured with Excluded Work Loss [Add]Current: Not CarriedNot CarriedPersonal Injury Protection -Insured and Relative with Excluded Work Loss [Add]Current: Not CarriedNot CarriedAdditional Personal Injury Protection Insured [Add]Current: Not CarriedNot CarriedAdditional Personal Injury Protection Insured and Relative [Add]Current: Not CarriedNot CarriedMedical Payments [Add]Current: Not CarriedNot CarriedUninsured Motorist - Nonstacked [Add]Current: Not CarriedNot CarriedUninsured Motorist - Stacked [Edit]Current Limit: I Reject this Coverage$0.00Protects your vehicles2003MITSUBISHIMNTROSPXLSComprehensive [Add]DeductibleNot CarriedCollision [Add]DeductibleNot CarriedEmergency Road Service [Add]Not CarriedRental Reimbursement [Add]Not Carried


I am going to give you insurance basics 101What you have is:10/20/50 and most likely $10, 000 PIP with a $1,000 deductible that is also 80/20This is lopsided coverage and you should correct(BI) Bodily injury is for payments in an injury settlement, YOU caused, which means pain/suffering(PD) Property damage is auto damages or property, YOU caused, to the OTHER car or propertyPIP coverage AKA NO FAULT, pays for you, or your family in YOUR car, if injured, for all medical bills and treatment, up to your limits, which likely is $10,000 with a $1,000 deductible, then you owe 20% of the bills till your coverage is maxed.Broken down this means:10,000 to 1 person max or $20,000 for 2 or more people, but will never pay more than $20,000 in an accident, you caused for anyone who is injured. I changed the 20k on the 1st number, since it is rare to have the same amount and is usually 1/2 of the 2nd number.$50,000 for car damages.Back in the 1990's, I handled auto injury claims for the state of Florida. One thing odd that most people do not know, and I believe they never changed, is that FL does NOT require BI, only PIP and PD, so to buy BI, you must ask for it.In any auto accident and if you are injured, PIP or (MP) medical payments is always primary and if you exhaust your PIP or MP, then if you have health insurance, it then becomes secondary to cover all bills or treatment over you limits of $10,000.Collision or comprehensive covers YOUR car and most policies will have a $500 deductible. Since your car is a 2003, it might only have about $4000 max that it is worth. So if in an accident and you are at fault, they will do nothing for your car, so either you pay out of pocket to fix or buy another car if it is totaled.Rental car will pay for you to drive a rental while your car is in the shop for repairs. But since no comprehensive or collision, would not make a lot of sense, but usually may only cost between $15 to $25 to add, if you carried the others.(UMBI) uninsured bodily injury, means if in an accident and you are NOT at fault and the other driver does not have insurance, and if you are injured, it would pay you a "pain/suffering" settlement.(UIMBI) under-insured bodily injury, means the other driver has insurance, is at fault, you are injured and does not have enough to pay for your "pain/suffering" settlement.(UMPD) uninsured property damage, means you are not at fault, the other driver has no insurance, then if will pay for YOUR car damages.UMBI AND UIMBI is probably the MOST important coverage you should have. The reason is that you would not believe how many people are driving today and do not have insurance at all. Who is going to pay for your injuries, if there is no insurance and believe me it happens so much you would not believe. Now that the economy has gone down the toilet, most likely there are even more people in the state of Fl, who have no insurance, especially with one of the highest foreclosures. This is cheap coverage, and is most likely about 1/3 you are paying for your BI.Why the $50,000 in PD? And so little in the BI?In almost every accident, there will be auto repairs, but what the insurance company pays the most for is injuries. How many times do you drive by a billboard, watch TV and some lawyer states, if in an accident, call me? They could pay $2,000 for the car and then pay $10,000 for injuries, get the picture?The $50,000 will pay for a expensive brand new fancy car or if there are 3 or 4 cars (rear end accident). But in your case, this way too much to cover their car/s, but not enough to pay for injuries. So if the injuries are $30,000, then all they will pay is $20,000 total.So my suggestion is to lower the PD to either $10,000 or $20,000. Increase your BI to $25,000 or $50,000, since that is where you really need more coverage.So you could have25/50/10 plus $10,000 PIP W/$1000 deductible, which to others is low, but in your case, you have no assets such as equity in a house, bank account of $1,000 means nothing and Roth they cant touch.The key is, you are complying with FL law. Yes, you should have more higher limits, but you have no assets to touch. Most insurance companies will fight tooth/nail to have the other party settle, even if it is not enough, since they would run your credit and see that you have nothing to touch and usually settle and move on.Call your agent or the insurance company and have pen/paper ready. Ask what the difference to increase/decrease limits plus, PLEASE, add the UMBI AND UIMBI to your policy. It is unclear if the $466 is for annual or semi-annual, but I do remember that insurance in Florida, even back in the 1990's was not cheap, so could be right on track.Hope this makes sense.good luck


You need to sit down with an insurer and ask this question.In my opinion you are under insured. If you are only going to buy liability, I recommend at least 100/300/100remember if something bad happens, your FUTURE earnings can be taken as well as your present assets.Also....Assuming that the $466.00 premium is for 6 months, It is very high for the sparse coverage you are getting. I don't pay that much and I have much, much better coverage including collision and no deductible comp. plus road service, etc. etc.You need to ask professionals if your coverage is adequate or not. We here on Y/A are not experts.. At least I am not.


Your present coverage is sufficient base on your present cash position.Please note:1) There is no cover for third party liability, i.e. injuries on person/s outside of your vehicle2) Coverage on own (i.e. on your car) damage could be difficult because the SUV is 8 yrs old- if coverage is available, premium rate could be a bit higher compared to a later car model.Consider lowering the property damage coverage of $50K, up to 50% less and use the savings to pay for other risk or coverage which you think essential in your area or line of work



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