One tends to trust the name when looking at a product or service. For example, when you hire a plumber, you expect them to come and service pipes. When it comes to auto insurance, however, titles may not be all they claim they are. ‘Full coverage’ insurance is not insurance that fully covers your vehicle. There are areas full coverage lacks that you may need based on state law. As most car loans and lease agreements require this kind of insurance, it is vital to know the types and areas of coverage you need in addition to your complete coverage plan.
What Does ‘Full Coverage’ Actually Cover?
Full Coverage is a nebulous term used by various insurance providers. In general, full coverage refers to any combination of the following policies:
- Collision Coverage
- Comprehensive Coverage
- Bodily injury liability
- Property damage liability.
- Any state or local mandated coverage
Collision coverage is insurance that covers you in an accident with an object, such as a building, a telephone pole, or another vehicle. Comprehensive coverage covers events outside your control, such as animal strikes, the theft of a car, or inclement weather damaging your vehicle. Bodily injury liability covers the medical costs of people injured or killed from accidents that you cause. Property damage liability covers any damage you may cause to property you damage during an accident.
State laws vary from state to state. However, in the form of Florida, drivers must carry at least $10,000 worth of coverage per person for personal injury protection and property damage liability.
It’s important to note that full coverage and state minimum coverage differ. You may be able to purchase a complete coverage plan that does not include what your state has designated as a legally sufficient amount of coverage to operate a motor vehicle.
What doesn’t Full Coverage Cover?
Full coverage differs from provider to provider, but is not a catch-all term. When selecting a policy, check that it covers your legal minimums and what you feel you need based on your individual needs. Full coverage may not include essential types of insurance that you should have. Often full range will not include items such as rental car reimbursement in the event of an accident, or gap coverage, which can cover the difference between the payments needed on the vehicle and what the car was worth when it was totaled.
What Types of Insurance Should I Have?
Each driver needs insurance that matches their vehicle, driving ability, and budget. One type of insurance you absolutely should have is uninsured motorist, or UM, insurance. Uninsured motorist insurance covers you in various circumstances and can protect you from issues arising from only the statutory minimum coverage.
What is Uninsured Motorist Insurance?
Uninsured motorist insurance covers your bodily injuries in incidents where the person at fault for the collision does not have insurance, does not have insurance, or may not be able to be found. With a complete coverage plan, if an uninsured motorist strikes you, you may not be able to get the funds needed to cover any medical expenses incurred by the crash. As well, uninsured motorist insurance covers you in the event of a hit-and-run, where insurance cannot locate the at-fault motorist to get insurance information. If you do not have uninsured motorist insurance and are in a hit and run, your insurance company may deny your claim, leaving you responsible for medical bills. Uninsured motorist insurance is often inexpensive and easy to acquire from your insurance provider.
Do you Need Help After an Accident?
If you need help to recover the compensation you need following an accident, Nance Cacciatore can help you. Our experienced attorneys can work with you through the process and guide you through every step. Call us at (321) 233-9885 or contact us through our website.