Should I Carry Collision Coverage on My Auto Insurance Policy?
Orlando Car Accident Lawyer
I have written on this topic before, but a conversation with a nice lady compelled me to stay up and write about it again. Maybe it will cause some of you to take a closer look at your auto insurance policy and make changes to your coverage that better fit with your tolerance for risk. The insurance coverage I am referring to is Collision coverage.
Collision coverage is property damage coverage. More specifically, it is insurance coverage on your auto policy that pays for the damage to your vehicle, not the other party’s vehicle. It is commonly used in the following situations:
- When you are the at-fault party of a car crash and have damage to your vehicle, or your vehicle is a total loss.
- When the other driver is the at-fault party but has no insurance at all, or not enough property damage coverage to pay for the repairs to your vehicle or the total loss of your vehicle.
- When the at-fault party flees the scene of the crash and is unknown.
- When the other driver is at fault, but you prefer to use your own insurance to expedite your repairs or pay your total loss rather than wait for the other party’s insurance company to respond.
Do I Need Collision Insurance?
Collision coverage is not required in Florida, although your finance company or leasing company will likely require you to carry it. Some people choose to drop their Collision coverage once their loan is paid in full. For many, this becomes a costly decision. It was certainly a costly decision for the lady I spoke to tonight. Her car was totaled in a 3-car crash, and the at-fault driver does not have enough property damage insurance to pay for all the damage they caused. So, this nice lady will not recover the full amount for the total loss of her car.
Before you decline Collision coverage or drop your Collision coverage, ask yourself this: Can I afford the repairs to my vehicle, or the total loss of my vehicle caused by a crash? If the answer is NO, you should consider carrying Collision coverage.
Car Accident Attorney
Attorney Todd Miner has been serving clients throughout the Central Florida community for more than 29 years. Todd is a fierce advocate in the courtroom and has recovered millions of dollars on behalf of clients injured in auto accidents. He has received numerous awards for his expertise and service as an auto accident attorney. If you or a loved one has been involved in a car accident, please contact us for a free consultation or call us at 407-894-1480.