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Automobile Insurance
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An auto insurance policy is a package of different coverage’s. Most states require you to purchase a minimum amount of coverage. However, if you're interested in protecting yourself from a lawsuit or from costly repair bills, then it makes sense to explore options beyond what is required by law.
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Liability Coverage
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Liability coverage limits (that's for the damage you do to others) are usually presented as a series of three numbers. In the state of Florida for example, liability limits are 10/20/10. That stands for $10,000 in bodily injury coverage per person, $20,000 in bodily injury coverage per accident, and $10,000 in property-damage coverage per accident.
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Collision and Comprehensive Coverage
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Collision coverage will pay to repair your vehicle in the event of an accident. Collision coverage is normally the most expensive component of auto insurance. By choosing a higher deductible, you can keep your premium costs down. However, keep in mind that you must pay the amount of your deductible before the insurance company covers the loss.
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