There are a few things that you need to do as soon as you buy a new car. Obviously, you want nothing more than to grab the keys, your best friend, and take it on a long joy ride right away. However, you need to make sure that everything is in order before you take your first spin. Registering the car in your name and getting adequate insurance coverage are both essential things that must be done before you start driving your car. State law requires that you register every vehicle you own in your name and that you carry at least a minimum amount of liability insurance as well. Understanding the basics of auto insurance in Miami is important in helping you find the best insurance coverage for your new car and your life.
Although many people are content in their ignorance of what insurance coverage and limits they actually carry, it’s extremely important to understand your policy coverage and limits. It would be devastating to find yourself involved in a serious accident where damages exceed the coverage limits stated in your insurance policy. If that were to happen, you would be personally responsible to pay for all of the damages that exceed the coverage limits you carry which would be devastating to your financial well-being. Make sure that you not only carry enough personal injury and property damage liability coverage to protect the sum of all the assets that you own. If you were to be sued, you want your home and business and any other assets properly protected. Also, carefully consider how much your car is worth to you when deciding whether you want to buy comprehensive and collision coverage, the coverage that provides compensation for your vehicle if you are at-fault in an accident or the victim of a storm or of vandalism. If you owe money for your car, then your bank will require that you carry both comprehensive and collision to protect their investment. (more…)