I really struggle with choosing the right insurance. Since I was 19, I’ve been paying for my own car insurance, and at one point I found myself shelling out $2,900 for six months—totally out of control! Living in Florida, I recently discovered Progressive Direct, which is offering me an amazing deal. This could help me save money and pay off other expenses. However, I’m hesitant because I don’t want to skimp on coverage if it means I’d end up paying more later on. Is this option a smart choice for my insurance?
Here’s what the coverage looks like:
Policy Coverage:
– Liability (BI/PD): $10k/$20k/$10k
– Uninsured Motorist BI: No coverage
– Personal Injury Protection: $1k deductible, basic work loss excluded for resident relatives, includes the policyholder
– Medical Payments: No coverage
Vehicle Coverage:
– Comprehensive: $1,000 deductible
– Collision: $1,000 deductible
– Rental: No coverage
– Roadside Assistance: No coverage
– Loan/Lease Payoff: No coverage
I’d appreciate your thoughts on whether this is a wise choice or if I should keep looking!
It sounds like you’ve done some research and found a potential option that could save you money, which is definitely a plus! However, it’s important to consider a few factors before making a decision about your insurance coverage, especially since insurance can be a substantial financial commitment and protect you in critical situations.
Liability Coverage: Your current limits of $10k/$20k/$10k for bodily injury and property damage are quite low. In Florida, if you’re at fault in an accident, you might be liable for costs that exceed those limits, which could lead to financial strain. Consider looking into increasing those limits to better protect your assets.
Uninsured Motorist Coverage: Not having uninsured motorist bodily injury coverage can be risky, especially in Florida, where a significant number of drivers may be uninsured or underinsured. If you’re involved in an accident with an uninsured driver, you would be left to cover your own costs.
PIP and Medical Payments: Your Personal Injury Protection (PIP) has low limits and basic work loss exclusions. Consider whether this is sufficient for your needs, especially if you would require medical care following an accident.
Deductibles and Vehicle Coverage: A $1,000 deductible for comprehensive and collision coverage is manageable, but it might be worth considering lower deductibles if you feel you may not have those funds readily available in case of an accident.
Additional Coverages: The lack of rental car coverage and roadside assistance could be a hassle if you find yourself needing them. If you rely on your vehicle for daily activities, it may be worth it to add these benefits.
Ultimately, consider what you can realistically afford today and in the event of an accident. It might also be helpful to get quotes from multiple companies and perhaps consult an insurance agent who can help you navigate options that fit your budget while still providing you with adequate coverage. Balancing cost with comprehensive protection is key. Good luck!