Insurance Blog of Florida

I remember when I turned 15 and it was time to drive, oh the excitement!!  I couldn’t wait to get behind the wheel!  My first time out I hit two garbage cans in a cul-de-sac and was told that I needed to “slow down”.  Then I turned 16 and was able to drive alone – NOW we’re talking.  Since that day I haven’t hit any other garbage cans but will admit to the one speeding ticket that I’ve received in my umpteen years of driving.  Just as many other highs in life, there was a downside to driving – I had to pay for my car insurance.  And so it begins…

Auto insurance is one of those things that you have to have if you have a license.  Because we have to have it many people just get what they need and move on to the next thing on their “to do” list.  In my insurance career I have found that there are several people who don’t know what their coverage means or when it applies.  If you’re one of those people, read on…here’s a high level view.

Bodily Injury – This coverage pays out to others that you may injure in an auto accident.  In Florida the coverages read as 50/100 or 100/300 for example.  The first number is the amount that will be paid per person and the second is the amount that will pay per accident.  It is imperative that you have enough coverage here.  If you don’t have enough coverage the person you injure could come after you for the remainder.

Property Damage – Property damage pays out for damages that you or anyone driving your car may cause as the result of an auto accident.  

Personal Injury Protection (PIP) – Personal injury protection is for you and is there regardless of fault!  It is $10,000 to assist you with medical bills (80%), lost wages (60%) and replacement services (100%).  This coverage follows you as long as you are required to have insurance.  If you are in someone else’s vehicle and are injured in an accident, your PIP will assist with the medical bills, wage loss, etc. 

Medical Payments – This is additional coverage to assist you with your medical bills.

Uninsured Motorist Coverage – This coverage does exactly what it says, if you are in an accident with someone who doesn’t have insurance, uninsured motorist coverage will help you with your medical bills.  Most people carry the same amount of uninsured motorist coverage as they do in bodily injury with the idea of providing as much coverage for themselves as they would for someone else.  A note here, you cannot carry more uninsured motorist coverage than bodily injury. 

Comprehensive Coverage – Comprehensive coverage comes into play for damages to your vehicle that is caused by something other than a collision.  Think of fire, theft, vandalism, hurricane damage, etc. 

Collision Coverage – Collision coverage will pay if your car is hit, or hits something and is damaged.  Collision coverage typically has a deductible that applies also, an amount that has to be paid out of pocket.

Well, there it is – a high level look at auto insurance.  If you have any other questions or want to make sure that you have sufficient coverage visit our website or call us at 800.731.6365.

Every year the news on April 15^th runs a story about the long line at the post office. Everyone is trying to get their tax return post-marked by midnight! If you’ve not filed your taxes yet then you either feel as though your going to owe or you know you owe. Maybe you just weren’t aware of the date…well WAKE UP, it’s time.

 I will open this by telling you that I am NOT a tax expert. Please discuss your personal options with your tax preparer or accountant.

Tips for 2009-

Home Upgrades – If you are a homeowner and you made certain updates to your dwelling in 2009 that are energy efficient, you could get a tax credit of up to $1500.00.

College Credit – There are credits available to you if you went to college this year. The Lifetime Learning Credit is up to $2000.00 and includes coursework to improve your job skills. Additionally, remember your student loan interest!

New Car Purchases – If you purchased a new vehicle, that sales tax is deductible!

First Time Homebuyer Credit – Taxpayers who have not owned a house in the last three years can qualify for a refundable credit of up to $8000.00 when they purchase a principal residence in the United States.

Making Work Pay – If you had a job in 2009 you may be entitled to a $400.00 credit.

Funds Toward Retirement – One way to reduce your tax bill is to fund your IRA. IRA deductions are available until April 15.

But wait!! What if I already filed my taxes and I missed one of these?? Well, I’m glad you asked. You can file an amendment! Simply call your preparer and get the details!

Now grab your calculators and finish your 1040 because Thursday is still only 2 days away!

As long as there have been cars, there have been men (and women) that want to push the limits and race for money, status and bragging rights.  In doing my research for this blog, I found that there are a couple different types of street racing. 

Anyone remember the movie from 1981 called Cannonball Run?  This movie is about a group of people that are racing cross country that will stop at nothing to win.  This movie was based on an actual event that occurred to protest the 55 mph speed limit that was in effect in the US at the time. 

Another type of street racing is called touge or drifting.  Started in Japan, this type of racing has moved it’s way around the world.  One of the reasons this type of racing is so dangerous is because, often times, there are more cars involved in the race than would normally be permitted on the street at one time. 

The final type of street racing is one that I am sure we are all familiar with – the drag race.  We’ve all seen this in the movies as well…the ‘68 Camaro pulls up next to the ‘66 GTO, engines are revved and off they go!  While is makes for a great scene, it’s done in a controlled environment. 

Often times, in the real world, these races end in disaster.  Of course, this blog topic wouldn’t be complete without the mention of Hulk Hogan’s son, Nick.  We all know the story behind that.

I think it is obvious why street racing is a danger to people’s lives.  What might not be so clear is the impact to our wallets.  Insurance companies have to pay out claims for medical bills and damage to autos.  Additionally, in order to have a car that can compete well, cars are stolen and  property is damaged as a result of vandalism. 

Don’t read me wrong, I love a Sunday afternoon with the sound of engines roaring around a track in Somewhere, USA.  Those guys are professionals though…lets leave it to them.