How much car insurance should I get on a cheap old beater in Florida?
I just bought a cheap car from my friend, and it's my first car. What type of coverage should I get in Florida?
“Typically, people employ the 10% rule as far as car insurance goes. This means that if you add up collision and comprehensive coverage, plus the deductible, and it’s more than 10% of the value of your vehicle, you don’t need this added coverage. From what you’ve described, this rule will probably apply.
In that case, you’ll only need liability insurance. Just remember that the state-minimum requirements are typically too low to fully cover you in an accident, especially in a no-fault state like Florida. Increase your coverage to something like 50/100/50 or 100/300/100 to make sure you aren’t paying out of pocket if you’re in an accident.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Are vehicles priced differently based on region?
"I would like to buy an SUV, maybe the Chevy Tahoe. I live in Minnesota. Would I pay the same price for an SUV regardless of where I live, or is the same vehicle priced differently in different areas of the country? "
Apr 08, 2021
"Can my bank come after my other car that I have financed with them if I default on another car loan with them? "
"I bought two cars using the same lender. One of them I have been able to keep up with the payments as that car is my daily driver and the one that I really need to keep. The other car was purchased as a luxury when times were good but things have changed and I’m probably going to have to turn the car over to the lender. I want to make sure the lender is not going to come for my other car too before I do anything."
Jul 26, 2021