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Insurance coverage myths

Some motorists in Florida may be misinformed about their insurance coverage. This lack of understanding leaves them vulnerable to the far-reaching consequences of car accidents. As easy as it is for people to shop around for quotes and modify their policies, determining what is fact or fiction can be a challenge. According to Insurance Journal, not knowing the difference between what is real and not real in regards to insurance coverage can lead to financial complications, coverage gaps and other risks.

Drivers should be aware that when they loan their vehicle to someone else, they and their insurance are still responsible for their friend’s actions. They should also know that a comprehensive policy does not cover everything. Traditionally, it only provides coverage for certain events, such as theft, storm damage and vandalism, assuming other conditions are met.

Motorists should get the facts when they purchase insurance or update their policies. They should understand what they are buying so they can minimize the amount of consequences that can affect them in the future. Drivers should not avoid getting comprehensive coverage, even if they have a clean driving history. Although comprehensive coverage is a cost-effective form of protection for motorists, it is not the only kind of coverage they need, states CNBC. Personal injury, collision and liability protection are also vital components of a good policy.

Not knowing all there is to know about insurance can result in motorists making expensive mistakes. They could end underinsured because they are trying to save a few pennies on their policies, only to end up paying a fortune when an unexpected situation, such as a car accident occurs that they do not have sufficient coverage for arises. They could also end up over-insured and pay more for coverage they may not need or use.

Drivers can protect themselves, their passengers and other motorists by examining their policies regularly. They should work with an agent to ensure that there are not any gaps in their coverage and to make sure they understand the truth about insurance.

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Busciglio & Sheridan Law Group
3302 N. Tampa Street
Tampa, FL 33603

Phone: 813-302-1265
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