Florida follows the no-fault system for auto accidents. Hence, the insurance company would pay for the bodily injury claims irrespective of who had been at fault in a car accident. However, the damage to the vehicle should be covered only by the at-fault party. According to the auto insurance laws of Florida, every motorist should purchase a minimum insurance coverage of $10,000 for personal injury protection or PIP and $10,000 for liability coverage of property damage. Further, you should have a bodily injury liability coverage minimum of $10,000 per person and a minimum coverage of $20,000 per accident. Comprehensive and collision coverages are not statutorily required but it is always advisable to buy these insurance coverages also to meet unforeseen eventualities.
The average auto insurance costs were $1,151 in 2008 in the state of Florida. The liability coverage amounted to $756, comprehensive coverage was about $114, and collision coverage was $281. Florida ranked sixth in the auto insurance costs, with only 5 states having higher average insurance premiums than Florida in the United States. As such, it becomes quite important to find cheap car insurance in Florida.
One way of reducing the car insurance cost is to purchase all the other insurance coverages such as home insurance, life insurance, and health insurance from the same insurance company. This would enable the policyholder to save up to 15% on premium amounts to be paid on all these policies. Still, cheap Florida insurance would have to be patiently searched and found out. It would be necessary to obtain quotes from different insurance companies by informing them about the number and type of vehicles that would be insured, the number of persons included in the policy as drivers, their driving histories, and the type of insurance coverages required by the applicant. Since each insurance company would have different criteria of evaluating the above details, the applicant would get an idea of the best possible cheap Florida insurance program that would be ideal.
That is right, the life insurance policy purchased years ago is now dead. There was a time the policy had a pulse and there were many happy policy holders and agents. Everything in life ages at some point. With life insurance, if nothing is done, it can leave a family high and dry at claim time.
There is a cost of insurance built into any insurance policy. Life insurance is a policy that most will typically keep longer than any other. Overtime, all costs will raise. Let’s face it, a gallon of milk and a loaf of bread are close to double to what they were 10-20 years ago. Eventually, the policy will lose steam, slow and eventually come to a sudden halt. Some policies allow you to keep funding the policy at an additional cost, but it’s only playing catch up. Like any other financial product you have, mortgage or credit cards for example, playing catch up will only result in a disaster.
Even your auto and home insurance policies you end up changing at some point due to life changes that are a little more obvious. This includes, but not limited to, change of cars, purchasing more toys to be insured on your homeowners, your kids start to drive, or financial struggles force you to make policy changes to make it more affordable since we have to have it. Most people react on emotion caused by immediate pain. With life insurance, the immediate pain, or emotion, related to the purchasing, rarely occurs. However, someone may have a second shot at having not enough coverage for your auto and homeowners insurance. We would learn from the loss, make adjustments on the insurance policy and move on. Life insurance is less forgiving because the policy holder only has one shot, and hopefully they made the right choice.
If there are no adjustments on the life insurance, like one would do on other insurance policies, at the time of claim, there is no recovering. Hence, the one shot. One could make adjustments on their own policy after seeing an experience happen to a close friend or family member. However, that close friend or family member doesn’t have a second chance. Not even a chance to start over.