Power Financial Credit Union is a community-based, member-owned financial institution that has provided high-quality, family-based financial services to the South Florida community for over 60 years. It provides all of the advanced products, services and tools of a large bank, but with a more personalized community focus.
If you live in Miami, you know all about long commutes. According to the TomTom Traffic Index, Miami has the worst traffic congestion in Florida. Florida is also the second-highest state with the most uninsured drivers, and was ranked the riskiest state to drive in according to a report released by WalletHub. Because of this, more Miami credit unions are offering affordable car insurance to Miami drivers to help protect against the high costs of accidents without insurance.
Learn: How FDOT’s Road Projects Affect Your Car Costs
Why Do You Need Miami Car Insurance?
When you ride a bike, you wear a helmet to protect your head in case you fall. You don’t intend to fall, but you can’t always control your environment which means there will always be a risk of falling, despite how safe you try to be. You need car insurance for the same reason.
Over 300,000 accidents occur in Florida every year, with over 55,000 being in Miami Dade County, according to the Florida Department of Highway Safety and Motor Vehicles. Protecting yourself with car insurance helps you avoid the additional stress of costly car repairs, medical bills and other unexpected expenses a car accident can cause. You might be the safest driver on Ocean Drive, but a surprise accident can catch even the most careful driver off guard. Luckily, car insurance from your local credit union is affordable and easy.
“Borrowers can rest assured that credit unions have already negotiated the lowest possible insurance rates for the best coverage from well-known insurance companies,” said Power Financial’s Executive Vice President of Retail Delivery and Branding Brian Warfel. “This way, you do not have to call around shopping for the lowest rate and matching coverage. We have already done all the work on your behalf.”
How Much Will a Car Accident in Miami Cost You?
Expenses can rack up if you’ve been in an accident. Between car repairs for your own vehicle and other involved vehicles, medical costs, legal costs and paid damages to public and private property, you could end up paying tens of thousands of dollars. And if you get into an accident with an uninsured motorist, you can get stuck paying for everything, even if you weren’t at fault.
Car insurance can completely cover certain expenses and help offset some other unexpected expenses. Miami credit unions offer affordable auto insurance with customized coverage options that can protect you against many unexpected expenses. For example, it can cover damage caused by uninsured or underinsured drivers, it has 24/7 claim reporting, convenient payment options and even mobile glass repair.
What You Should Look for in an Auto Insurance Plan
Affordable Rates
Finding the balance between insurance coverage and price can be difficult. The best way to decide on an insurance plan is to decide what you must have in a plan, what you’d like to have and what you consider extra benefits. Your plan should have all or most of your must haves and a few features you would like to have. The more extras you add to your plan, though, the higher the cost.
Some plans like the Travelers Auto Insurance Program are designed to help you save more than you would with another company. Compare plans to find the features you want and the price you can afford.
Mandatory Coverage
Your insurance plan should meet the Florida state minimum requirements. These requirements cover at least $10,000 of no-fault or personal injury protection which pays medical bills up to the specified limit regardless of who caused the accident, and $10,000 of property damage liability which covers damage incurred to people’s property — like houses or buildings — in an accident.
If you do not meet the minimum coverage requirements, you risk fines as high as $500 or more from the Department of Highway Safety and Motor Vehicles.
Extra Benefits
You can also purchase insurance plans with higher amounts of coverage. Other coverage features you can add to your plan include:
Comprehensive (covers damages to your vehicle not caused by accidents)
Collision (covers damages to your vehicle caused by accidents)
Towing and labor
Uninsured/underinsured motorist (covers incidents involving uninsured or underinsured drivers)
Rental car coverage
Whatever you decide you need most in an insurance plan, your credit union can help you get the features and coverage you need at a price that will fit your budget. Customize your plan to best protect yourself, your family and other motorists as you drive in Miami.
This article originally appeared on GOBankingRates.com: Why You Need Miami Car Insurance From Your Credit Union