BODILY INJURY is the big one this covers you if you injure or kill someone in a car accident in Florida, the state required limit is ten thousand dollars per person and twenty thousand dollars per occurrence what we didn’t realize is once those limits are met you are held personally responsible for the remainder all your assets including your savings and even your future wages are in jeopardy   you are going to want more coverage property damage pays for the repair of somebody else’s car home or property in the case of an accident with the average price of a new car in 2014 being $32,086 you can see why the ten thousand dollar minimum is a joke not to mention multiple car pile-ups or running into buildings this is where things get interesting personal injury protection covers your own medical bills and lost wages in the event of an accident so if bodily injury covers the other person personal injury protection covers your medical payments is the option to basically increase the coverage of your personal injury protection minus the lost wages part Its extra money for X-rays surgeries and ambulance rides without waiting for the results of a lawsuit or investigation uninsured motorist to me is the most interesting because its basically buying insurance for every other driver on the road where it gets complicated is that this should technically be covered by your health insurance but you would have to call and check to be sure so that covers injury and everyone  else’s car in an accident but what happens to your car if you hit another persons car its called collision insurance and this is what most people think of when they think of car insurance it basically replaces or repairs your car if you were to get into an accident its also very expensive comprehensive on the other hand covers everything else including fire flood theft falling objects vandalism hail malicious mischief windstorm civil commotion explosion earthquake water damage lightning larceny water damage and damage caused by flying objects in their words missiles it also happens to be super cheap all right now that we know buying how much insurance do we actually need , The biggest eye-opener was how important bodily injury and property damage coverage is and how cheap it to increase our coverage from the embarrassingly low ten thousand dollar limit to a more reasonable hundred thousand dollar limit was only fifteen dollars a month but as our net worth continues to increase I’m going to be ratcheting up those limits to cover our assets and the most expensive part of car insurance is still the collision coverage and this covers your car for replacement or repair if you get in an accident this is where you can save some money if you have enough in the bank to cover the cost of a replacement car should you need it even with high-deductible we would need to get into an accident every 52 years to make the collision insurance worth it  so check out how much insurance you actually have and make you have enough to cover your assets .

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