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But, I Have Full Coverage

insurance coverage

The term “full coverage” is something we hear quite frequently. An injured client comes in and are sure that they have enough coverage to cover their injuries and the full extent of their property damage. They believe that they are fully covered. Unfortunately, more often we find that people do not have enough coverage in these situations.

The State of Florida only requires that a driver carry $10,000 in no fault insurance and property damage coverage. The no fault coverage provides insurance for the owner and his family members no matter who is at fault for causing an accident. The property damage coverage only applies to the property damage to another person’s property should the insured party cause and accident. Nothing further is required. 

If you only carry the minimum coverage and you cause an accident, you could be out of pocket for the damage to other people or property. Causing a bad accident, even though accidental, can bankrupt a person. Therefore, chose carefully when selecting your coverage limits. We have seen far too many cases where someone is significantly injured and out of work for months where the other driver only has $10,000 in bodily injury coverage. Bodily injury coverage is the line of insurance that protects you should you cause an accident that results in injury to another person. The more you have in assets, they more coverage you should select. This is not the place in your budget to cut corners. 

The one area where many people cut corners is taking uninsured/underinsured coverage. It can be expensive. This line of coverage protects you if a person causes you injury and does not have enough coverage to pay your damages. For instance, imagine a drunk driver hits you and causes you to fracture your ankle which requires surgery. In this scenario, your medical bills could be in excess of $50,000. What happens when the person that hit you only has $10,000 in coverage? Unless you have uninsured/underinsured motorist coverage, you will likely only recover $10,000 leaving you with the excess to pay. But, if you have uninsured/underinsured motorist coverage, you would have an additional line available as excess insurance. In the above scenario, assume you had $50,000 in uninsured/underinsured coverage, your insurance would be available to cover the excess and you could seek pain and suffering damages as well. 

Always ask questions when purchasing auto or homeowners insurance. If you need help in this area, you can always contact personal injury lawyers Dena Foman or Bill Abel at 561-659-4020 with questions. 

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