Need help figuring out the best auto insurance for your driving needs?
Are you tired of trying to understand insurance terminology and coverage options?
Are you looking for someone who can help you choose the best auto insurance you and your family?
Most people think buying auto insurance is something you do alone – you just go online, struggle through the options and questions, and hope you have enough coverage if you’re in an accident.
But what is there was a better way to choose your auto insurance coverage?
Auto insurance brokers work to find you the best auto insurance coverage for your particular situation. They can help narrow down companies, coverage types, and coverage limits.
This blog will help you choose the best auto insurance broker for you and your family.
The Comprehensive Millennial Guide to Choosing an Auto Insurance Broker
If you’re like most people, it may never have occurred to you that auto insurance brokers can get you the best quotes on auto insurance. But the reality is that an auto insurance broker probably knows some inside tricks to get the best rates.
Before you start looking for an auto insurance broker, there are a few terms you’ll want to know so you are fully prepared:
- Premiums: You’ll pay a premium each month just to have insurance.
- Deductible: A deductible is paid by you only if you’re in a covered accident.
- Coverage limits: Your coverage limits are the maximum the insurance company will pay per person or incident.
These three terms effectively make up the cost of your auto insurance coverage. Some insurance companies may take other factors into account, like your driving record and credit history, but typically, the higher your deductible, the lower your premiums, and the lower your premiums, the higher your deductible.
How to Choose the Best Insurance Broker
Like choosing an auto insurance policy, choosing an auto insurance broker isn’t (or shouldn’t be) as simple and quick as just going with the first option. The more you know about insurance, what’s required of you, and how you can save money, the better prepared you are to work with an auto insurance broker.
1. Assess Your Insurance Requirements and Needs
While there are minimum auto insurance requirements in Florida, it’s important to assess your personal situation before choosing an auto insurance policy. If you drive often, you may want to have more coverage as your risk of getting in an accident is greater. If you drive a more expensive vehicle, you may want higher coverage limits to protect your assets.
It’s also important to assess your financial situation should you be at fault for an accident. Do you have the money to pay for medical expenses and property damage out of pocket? If not, you may want to consider higher coverage limits and lower deductibles.
2. Research Brokers in Your Area
Just like you should review multiple quotes before choosing the right one, you should review different auto insurance brokers in your area before making a decision. Start with a simple search and see which agencies come up on the first page.
Check out reviews on sites like Yelp or the Better Business Bureau. See if the auto insurance broker has a social media account with reviews that you can read. The more information you have about the broker, the better armed you are to make the best decision for your situation.
3. Choose a Broker Based on Your Insurance Needs
Once you’ve had time to assess your insurance needs and research auto insurance brokers in your area, the next thing you need to do is narrow down your choices and make a decision. This is arguably the hardest part of the process, but it’s the most important part.
You’ll learn about insurance bundles shortly, but an important question to ask of any broker is whether they offer other insurance types. If you’ve thoroughly assessed your insurance needs, you may find other areas of your life that need more coverage, like homeowners or renters insurance.
Auto Insurance Requirements in Florida
Florida is one of the few states with no-fault auto insurance laws. In the state of Florida, all registered four-wheeled vehicles must carry no-fault insurance. This is designed to speed up insurance payouts and reduce the need for lawsuits in limited liability claims.
Beyond the minimum state requirements, your vehicle financing company may have minimum insurance requirements. Some lenders may have a maximum deductible amount you can carry, for example.
These are some required and additional auto insurance coverage types you can buy:
- Personal Injury Protection: Everyone must carry a minimum of $10,000 in personal injury protection to cover their own “necessary and reasonable” medical expenses due to an accident, regardless of who is at fault.
- Property Damage Liability: In addition to personal injury protection, you must carry a minimum of $10,000 in property damage liability to cover damages to someone else’s property caused by you or a covered driver.
- Bodily Injury Liability: While this is not required unless you are driving a taxi or are operating a vehicle as part of a rideshare program, this pays for injuries – and death – caused to another person by you or a covered driver.
No broker should try to sell you less coverage than this, and it is always in your best interest to have as much coverage as you can afford.
Auto Insurance Bundles for Millennials
One way for millennials to save money on auto insurance is by bundling it with other insurance products. If you’re buying insurance on your own, you may not realize this can save you money, but an auto insurance broker can help you put together a comprehensive insurance package.
- Homeowner’s insurance: If you already own your own home, you may or may not be required to carry homeowner’s insurance. However, bundling it with your auto insurance may save money on both and protect you in the event that your home is vandalized or damaged.
- Renters insurance: Depending on what type of dwelling you live in, renter’s insurance may or may not be required. It is, however, an excellent way to protect your belongings in the event of a fire or theft at your home or apartment community.
Bundling insurance isn’t the only way to save money on auto insurance – an auto insurance broker can help you maximize your discounts.
Are you looking for a well-qualified auto insurance broker in Florida? Let Fiorella Insurance Agency help you choose the most comprehensive insurance policy for your personal situation.