When you purchase auto insurance you probably do one of these two things; you go online to find the cheapest quote possible, or you go to an insurance company you’re familiar with and let them tell you what you need. That will, in fact, get you automobile insurance. Will it actually get you the type of coverage you want or need? Are you over spending? Sure, you know that you need insurance to legally drive your car, but did you know that there are multiple types of auto insurance? It is also possible to save money while getting the coverage you desire. Don’t wait until you need to place a claim, only to find out that your deductible is too high, or that your issue isn’t covered by your policy. Let Kirby Soar Insurance, Central Florida’s insurance experts, help you find out more about the different types of auto insurance policies. 

Man Driving - Types of Auto Insurance

There are 8 different types of auto insurance. 

1. Liability Coverage

If you have a car then you probably know what liability coverage. This coverage is required by law. Of course, Florida is no exception to this rule. In Florida you legally need to carry at least $10,000 personal injury and $10,000 of property damage liability insurance if you’re driving any vehicle with four wheels on the road. If you’re not familiar with liability insurance, the simplest way to describe it is to say – this type of insurance coverage is designed to help cover the cost of damages to personal property or a person’s bodily injury if you were legally responsible for an accident. Essentially, this is the bare minimum automobile insurance you can maintain to protect other drivers on the road.

2. Collision Insurance

While liability insurance is only designed to pay for someone else’s vehicle, collision insurance is designed to help you. Collision insurance policies should cover damage to your vehicle if you were in an accident involving another automobile. It essentially works by providing you with money to cover costly repairs or replacement expenses if your vehicle was totaled. With this type of auto insurance you’re protecting your assets in case of a collision.

3. Comprehensive Insurance

As the name implies, comprehensive insurance is one of the most inclusive types of auto insurance you can buy. If you want the most protection for your car, then you’ll need comprehensive auto insurance coverage. This type of auto insurance will help with costly repairs to your car if it were to be involved in another type of accident. Incidents such as collisions, vandalism, natural disasters, and even accidents involving animals. Comprehensive insurance can vary from different providers so be sure to check the specifics of your policy. This is an area where having a dedicated, independent insurance agent on your side. Our agents at Kirby Soar Insurance are always more than happy to explain and discuss your policy coverages. 

4. Uninsured Motorist Insurance

What happens if you are the victim of an auto accident that isn’t your fault but you find out the other driver does not have liability insurance? That’s what uninsured motorist insurance is for. It helps cover the costs that other parties should be assuming responsibility for including, damage to your vehicle, medical costs, lost wages and possibly more depending on your policy.

Scary fact: Over 26 percent of drivers in Florida (illegally) drive without liability insurance. – National Insurance Council

5. Underinsured Motor Vehicle Insurance

When drivers aren’t illegally driving without liability insurance, most of them are driving with the bare minimum coverage. That’s because it’s less expensive. If a driver wants to save money on insurance this is usually how it’s done. What happens when you get into a serious accident with one of these barely insured drivers? That’s where underinsured motorist insurance comes into play. Here the responsible (we use that term loosely) driver’s insurance pays for the damages until they reach their policy limits. Then, your underinsured motor vehicle coverage foots the bill for the damages beyond what the at-fault driver’s policy did not cover. 

6. Medical Payment Coverage

If someone is seriously injured in an accident, the medical bills can pile up fast. That’s why having medical payment insurance is a great idea. It covers your medical costs no matter who was at fault in an accident. 

7. Personal Injury Protection

PIP aka personal injury protection is made to cover the costs of certain medical expenses, and make up for a loss of income directly resulting from an accident; up to 80%! This coverage will pay the bills for the policyholder and their passengers; no matter who was at fault in the accident. PIP insurance coverage varies and it is best to speak to a qualified insurance agent to determine your ideal coverage.

8. Gap Insurance 

All vehicles start depreciating in value the moment you purchase them. In fact, most drop 20 percent of their value after just one year. Your regular auto insurance policy only covers the depreciated value of your car. Now, what happens when you’re in an accident and your vehicle is declared a total loss but you have a loan on the car? You have to pay off your loan. But what if you owe more than the car is worth (the amount your insurance company will payout in a claim)?

This is where gap insurance can save the day. Gap insurance covers the difference between a vehicle’s worth and the amount you actually owe on your loan.

Get All These Types Of Insurance in Florida

Don’t risk having an auto accident and finding out you are underinsured. Get the types of auto insurance you need today, without overpaying. Our agents at Kirby Soar Insurance are ready to help! Call (813)752-1680 or message us online.