Do I need Full Coverage Auto Insurance With a Car Loan in Florida?

Like most people, you probably have questions about full coverage auto insurance and car loans. Do you need full coverage if you have a loan on your car? What are the benefits of a comprehensive policy? Let’s look at full coverage auto insurance and car loans in Oakland Park, FL.

Car Loans and Insurance

If you have a car loan, your lender will require you to have full auto insurance coverage. This is because the lender wants to ensure they protect their investment in case of an accident or theft. With full coverage, your lender will be reimbursed for the remaining balance of your loan if your car is totaled or stolen.

What is a Comprehensive Insurance Policy?

A comprehensive insurance policy is a type of full coverage auto insurance that covers you for more than just accidents. Comprehensive coverage includes protection from fire, theft, vandalism, and other types of damage. Lenders often require this if you have a car loan.

Your eAdvisorPro Property & Casualty LLC insurance agent can help you learn about the benefits of full coverage auto insurance and decide if it’s right for you.

Gap Coverage

Another reason to have full coverage auto insurance is gap insurance. Gap insurance covers the "gap" between the value of your car and the amount you still owe on your loan. This is important because if you total your car, the insurance company will only pay the vehicle’s market value, which may be less than what you owe on your loan. Gap insurance covers the difference, so you don’t have to come up with the money.

To learn more about full coverage auto insurance in Oakland Park, FL, and whether it’s right for you, contact your eAdvisorPro Property & Casualty LLC agent today.

Is having auto insurance in Florida a requirement?

Those that live around Oakland Park, FL are going to find that owning a car is a good option as it will make it a lot easier to get around the community. If you are looking for a car, you do need to ensure that you get the grith insurance coverage as well. There are various reasons why having an auto insurance plan will be a requirement for a vehicle owner in this part of Florida.

Coverage is Needed to Meet Lender Standards

Vehicles today are quite expensive and taking out a loan is a great way to finance the purchase. While there are benefits that come with financing the purchase of a car, you do need to comply with the agreements you sign. This will always include agreeing to carry a full insurance plan. Lenders will want you to have this coverage as it protects their loan collateral.

Meet State Requirements

In Florida, you will also need to have auto coverage to meet standards set by state law. If you choose to drive a car on a public road in Florida, you need to carry liability coverage. This insurance ensures you have coverage to offset damages that you may cause in an accident. If you are not properly insured with this coverage, you could be found in violation of the law. 

People that live in the Oakland Park, FL area will always benefit from having the right insurance plan. When you are looking for a new policy, it can be a great option to call eAdvisorPro Property & Casualty LLC. The team with eAdvisorPro Property & Casualty LLC understands the value of this coverage and will offer any support needed to choose an auto insurance policy that gives the right level and type of coverage. 

Types of Auto Insurance

If you are a resident of Oakland Park, FL, who needs auto insurance, then speak to eAdvisorPro Property & Casualty LLC about your options.

When purchasing auto insurance, your first step is to establish what is required by the state. The requirements will vary from state to state, but FL specifically may require two types of insurance for the individual vehicle owner. The first is Personal Injury Protection (PIP) and Property Damage Liability (PD). PIP is for if you (and depending on the structure of the insurance) certain other individuals if you sustain injuries in a vehicle accident. PD is for damage sustained to someone else’s property. For each of these insurances, a minimum of $10,000 in coverage is required.

You may also be required to purchase bodily injury coverage (BI); this depends on your driving history and whether you have caused bodily injury to someone else or received citations.

When purchasing auto insurance, you should consider what type of insurance you need. The two main aspects of auto insurance are liability and comprehensive/collision. Liability insurance is always a good idea because you never know if you accidentally become legally liable for damaging someone’s property or causing bodily injury.

The second aspect concerns damage to your vehicle. Collision insurance will provide financial protection against damage when your car is damaged or destroyed in an accident. On the other hand, comprehensive auto insurance provides financial protection against damage due to an auto accident and financial protection against accidental damage, loss, or theft of your vehicle. There are also several add-ons insurance options available.

There is a range of auto insurances to choose from, so speak to eAdvisorPro Property & Casualty LLC serving Oakland Park, FL, today regarding your options.

Why do I need auto insurance in Oakland Park?

People that are in the Oakland Park, FL area will always find that it can be a great place to live. To maximize your experience here, getting a car is a good idea. Along with a car, you also need to get the right insurance. You will need to have an auto insurance plan for a few reasons. 

Coverage is a Requirement for Drivers

A key reason that you should get an auto insurance plan is that it is a requirement for drivers. If you want to drive a car legally in Florida, you need to at least carry liability insurance. Further, if you have decided to take out a loan when buying a car, you will need to obtain a full plan to meet your lender’s standards. 

Protect Your Car

Even if there were no auto insurance requirements, you will still want to have it as it is the best way to protect your vehicle. if you choose to buy a car, you will want to be able to use and enjoy it for a long time. A great way you can do this is by getting an auto coverage plan with collision and comprehensive coverage, which will protect against many forms of loss. 

If you are in the Oakland Park, FL area, you clearly will need to have an auto insurance plan. If you are evaluating your options here, it would be helpful to spend time with eAdvisorPro Property & Casualty LLC. There are various choices to make when building a plan and eAdvisorPro Property & Casualty LLC can help you obtain the right coverage. The team here is going to provide any support you need to assess your options and build a plan that will protect your car and keep you in full compliance. 

Do I need auto insurance when my car loan is paid off?

Auto insurance is a requirement when you have an auto loan. Once you are out from under that monthly payment, you may think about how great it would be if you didn’t have to pay for insurance either. It may be a tempting thought, but it is not something that you can do. Like most other states. Florida has mandated insurance coverage that you are required to carry. At eAdvisorPro Property & Casualty LLC in Oakland Park, FL, we take our responsibility seriously to make sure our customers have the coverage that is required. 

In the state of Florida, drivers must have PIP at $10,000  and PDL at $10,000. PIP pays for injuries in an accident no matter who is at fault since Florida is a no-fault state. PDL pays for property damage caused by you or someone else driving your vehicle. 

No matter what else you are considering when it comes to auto insurance, you need to have the basic required amount. Now that you don’t have to maintain the collision and comprehensive coverage, you may think it sounds like a good idea not to keep it. While it is tempting to save money, it isn’t always a good idea. 

While you don’t need to keep your collision and comprehensive coverage, is it really a good idea to allow it to lapse? Not if you use your vehicle every day to maintain the daily activities of your life. Being able to repair or replace your vehicle is a hardship for most people. When you need your vehicle daily, protecting it is vital to your comfort. Only if your vehicle has very little value or you are financially able to replace it should you allow yourself to have basic coverage. 

In Oakland Park, FL, contact eAdvisorPro Property & Casualty LLC for all your auto insurance needs. 

Safety tips for new drivers in Florida

Driving your vehicle for the first time comes with mixed emotions. You are full of worry about what could possibly go wrong but excited at the thought of driving yourself around. However, you don’t need to worry if you have taken driving classes and practiced a couple of times, but there is one thing you need to seriously put into consideration–safety. With that said, here are a few safety tips to keep in mind when driving on Fort Lauderdale, FL roads.

Fasten your seatbelt

Safety begins with simple practices which you must learn to adapt to every time you’re driving. Every time you enter your vehicle, be sure to fasten your seatbelt and adjust the seat to fit your driving comfort. You don’t have to do it every day if you are the only person driving the car.

Familiarize yourself with your car

By now, you should know that cars don’t operate the same.  The location of some controls may also be different in different vehicles. Therefore, never assume that everything will be the same in all vehicles. If you are buying a new car in Fort Lauderdale, FL, be sure to know where all the controls are and practice safe driving before heading out on a busy road.

Avoid distractions

It’s easier to get distracted when you are a new driver, especially with the excitement of being on the road. To avoid losing control and potentially causing a collision, avoid using your cellphone or multitasking when driving. If you have to do something else other than drive when in your car, Coastal Wealth Insurance LLC recommends slowing down and finding a spot to park.  Similarly, avoid driving under influence, while sick, when stressed or when tired.

Assess your visibility

Before heading out, especially on a long trip in a different car, take your time to check and adjust mirrors to improve visibility. Also, make sure they are clean and all lights are working correctly in case you will be driving at night. 

Don’t forget to get proper auto insurance. If you need help acquiring one, don’t hesitate to contact Coastal Wealth Insurance LLC to help you through the process.

Hey Floridians: This is All you Need to Know About Auto Insurance

Your car is one of the most valuable assets you will ever own. As such, you must try everything to safeguard this treasurable investment. While car maintenance is pivotal, car insurance is equally important. 

That said, finding the right auto insurance means that you are not only in compliance with Florida laws, but it also gives you peace of mind when driving. Fortunately, Fort Lauderdale, FL drivers can be at ease knowing that they can purchase affordable insurance from Coastal Wealth Insurance LLC.

Florida car insurance requirements

The law requires you to have the below minimum auto insurance coverage:

  • Property damage liability with a $10,000 limit
  • Personal injury protection (PIP) with a $10,000 limit per person

Whereas the law requires you to have the above minimum coverage, you can purchase the below additional coverages for maximum protection of your car.

  • Collision insurance: To protect your car in case of damage from another vehicle or stationary object.
  • Medical payments: Covers for treatment and rehabilitation costs.
  • Bodily injury protection (no-fault insurance): Regardless of who is at fault, this insurance covers lost wages or medical expenses after a vehicular accident. 
  • Uninsured/underinsured motorist bodily injury: Protects you if you are involved in an accident with a person without insurance or with inadequate coverage.
  • Comprehensive coverage: Covers your car against additional risks like theft, vandalism, and damage from natural disasters. 

How much does car insurance cost?

Every car insurance has its own formula for computing car insurance premiums. However, the below factors have a say in how much auto insurance will cost you:

  • Your credit rating
  • Make and model of your car
  • Your claim and insurance history
  • Age, gender, and marital status

Are you in Fort Lauderdale, FL and its environs looking for auto insurance? Please visit us at Coastal Wealth Insurance LLC, and our specialists will help you get the appropriate auto insurance. While there is no one-size-fits-all car insurance policy, we shall help you get one that is unique for you. 

The Importance of Collision and Comprehensive Coverages

While it may seem tempting to obtain just the state minimum auto insurance, this blog explains why you need comprehensive and collision, too. We know. It seems that auto insurance costs quite a bit sometimes but here at Coastal Wealth Insurance LLC, we want you to understand why you should include comprehensive and collision insurance coverages on your auto policy.

Collision Coverage Protections

The state minimum insurance requirements only protect the other drivers and pedestrians. You need collision and comprehensive to protect your vehicle from damage from accidents you cause that damage your vehicle and storm or fire damage to your vehicle.

For example, a deer runs out in front of your car while you drive the outskirts of Fort Lauderdale, FL. You slam on the brakes, but the deer does serious damage. Collision coverage pays for the car repairs. Handy since deer carry no insurance.

Your collision coverage also covers damage from hitting a mailbox, fence, driving into the garage door, hitting a parked car, etc.

Comprehensive Coverage Protections

A hail storm hits while you have to park outside. Dents cover your vehicle. Your comprehensive coverage pays for the repairs.

Your comprehensive coverage also covers damage from other common named perils, including thunderstorms, lightning, hurricane, fire, tornado, etc. It also covers the loss of your vehicle if it gets stolen.

Contact Fort Lauderdale, FL’s Coastal Wealth Insurance LLC to learn more about the many coverages of auto insurance. Roadside assistance and personal injury protection (PIP) offer important coverage options, too. Let us help you determine which coverage types you most need and help you locate affordable options. Call us today!

3 Tips To Consider When Shopping For Your Teen’s Car Insurance

Shopping for your kid’s first car insurance can be nerve-wracking, as is their transition into the freedom that comes with driving. When you choose your teen’s auto insurance from Coastal Wealth Insurance LLC, here are a few tips to consider before signing on the dotted line.

1. Add Them To Your Car Insurance

If you choose a separate auto insurance policy for your teen in Fort Lauderdale, FL, it’s guaranteed that the coverage will cost you an arm and a leg.

A teenage driver is considered a major risk for car insurance providers everywhere, and they have to instate their own form of insurance to counteract that risk. this comes in the form of high premiums and limited coverage.

A sound option is to add your teen driver to your own auto coverage. Your solid reputation as a driver coupled with your willingness to assume responsibility for your child’s driving is insurance enough to lower the rates a bit.

2. Get Your Teen A Used Car

Of course, every teen driver wants to drive a flashy, brand-new car. However, make the wise choice to hand them down a spare car from within the family, or buy them a safe, reliable used vehicle.

Brand new cars depreciate quickly. In fact, they depreciate to half of their retail worth as soon as they are driven off of the dealership lot. this is common knowledge that auto insurers are well aware of, and they rate new cars accordingly.

Purchasing a used car means that it won’t depreciate as quickly. also, if your child does have an accident, the car insurance provider has less to reimburse than if the accident happened in a brand new car. This causes the rates to be lower all around.

3. Send Your Teen To Driving School

It’s great when you bond with your child over a family driving lesson. You can still keep teaching your child how to drive. However, for better auto insurance coverage at a more reasonable rate, consider enrolling him or her in an accredited driving school.

This is more of a formality than anything else; if your child completes driving school, he or she will have the paperwork to prove their competency. Your insurance provider will consider this proof of competent driving as a decreased risk. Therefore, even if it’s a teen driver who is to be covered, he or she is knowledgeable about driving responsibilities on paper. This allows the provider to lower your overall premium rate.

Are You Ready To Buy Coverage For Your New Teen Driver?

It’s hard to let your teen go out on the road alone. However, if your teen has adequate insurance coverage, he or she will be taken care of as a driver no matter the circumstances. Contact one of our understanding agents at Coastal Wealth Insurance LLC today to discuss coverage for your teen. Visit us in our Fort Lauderdale, FL to get a quote and find the policy that works for your family.

How to Avoid Overpaying on Auto Insurance Costs

If the rising cost of auto insurance is troubling you, take heart. There are ways to avoid overpaying for your coverage. The following tips can help you get quality auto insurance coverage at a cost you can afford.

Shop Around

Insurance is a competitive business which gives consumers an advantage in finding affordable prices. By shopping around, you can get a good idea of what auto insurance companies in the Ft. Lauderdale area has to offer. Compare services, coverage, and prices to see what deals you can come up with. Your goal should be to get quality coverage a good price.

Customize Policy

Customizing your auto insurance policy lets you choose the essential coverage you need without paying for fluff. This helps reduce insurance costs. When customizing a policy, make sure you have adequate coverage to protect you and your vehicle.  Compromising coverage for price defeats the purpose of getting insurance at all.  

Look for Discounts

See if you qualify for a discount on your policy. If you’re a senior, student, active military or safe driver, you may qualify for reduced rates on your insurance coverage. You may also be eligible for reduced insurance rates if you’re retired, have passed a driver’s ed course, have a good credit rating or drive a vehicle with multiple safety features. At Coastal Wealth Insurance LLC, we can help you determine what discounts you’re eligible for so you can take advantage of these offers. 

Bundle Policies

Bundling two auto insurance policies together can help save you money on your insurance. If you own a home in Fort Lauderdale, FL, you can bundle your home and auto to get reduced insurance prices.

To learn more about auto insurance options at affordable prices, contact Coastal Wealth Insurance LLC in Fort Lauderdale, FL.