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?

Answer
“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.”
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Eric Schad
Answered on Apr 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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