Drivers in Clay County and greater Jacksonville usually pay an average of $1,000 and $1,300/year for their car insurance. As a resident of Green Cove Springs, you'll probably pay something similar, though your exact rate will vary based on numerous factors — including the coverage you choose to buy. However, while some policy elements are choices, others are required. Both the State of Florida and your vehicle lender might require you to buy coverage. Here's some more information on why.
Florida's Required Car Insurance
Drivers in Florida (Green Cove Springs residents included) must have at least the following car insurance.
- $10,000 Property Damage Liability (PDL) Insurance
- $10,000 Personal Injury Protection (PIP) Coverage
The state requires drivers to carry coverage to protect themselves and others in the event accidents occur.
Florida is officially a no-fault state if a driver sustains bodily injuries in a wreck. So, regardless of whether you or another driver was at-fault for a wreck, your own PIP coverage will pay for such costs as medical bills, lost income, and additional benefits, depending on your claim.
However, the state still requires drivers to carry property damage liability insurance, in the event they cause wrecks that damage other peoples' property. So, if you hit another car, then you can use your PDL coverage to compensate the other driver.
The state's required car insurance might not be the only coverage you have to purchase. If you finance your car, then your lender might require you to buy additional coverage. Some of the policies you might need to buy include:
- Collision Insurance, which pays you for the damage your car sustains in a wreck.
- Comprehensive Insurance, which pays if non-accident hazards — such as theft, falling objects, weather, fires and related occurrences — damage the car.
- Gap Insurance, which might be a requirement of dealers or lenders. It will pay you enough money to cover the outstanding cost of your vehicle loan if you total your vehicle. Collision or comprehensive coverage might not pay you this value, so gap insurance is very important to your own financial security.
Some lenders also mandate that their buyers must buy deductibles of certain value. The deductible is your financial responsibility for a claim before the insurer will pay.
Essentially, lenders set coverage requirements to make sure that you can take care of your own cost losses in the event you're involved in a vehicle accident. Therefore, you have a higher likelihood of honoring your commitment to them to pay off your loan.
To find out if you have any coverage requirements, speak to your lender at the time of purchasing the car. Then, contact your Insurance Place of Orange Park agent. All our policies will contain all of Florida's required coverage, in addition to lender requirements.