Reader’s Question:

I have one car that I lease and another car that I’m still financing, is it required by law that I have to have the same coverage on both cars or can I have different coverage on both cars? I live in Florida.

Melody

Orlando, Florida

In Florida the state law requires minimum coverage of $10,000 personal injury protection (PIP) and $10,000 property damage liability (PDL) and if you have been involved in an accident, or convicted of certain offenses, you may be required to purchase bodily injury liability coverage (BIL).
For leased and financed cars the insurance coverage required by the leasing company or finance company (lien holder) goes beyond the state minimum so to include physical damage by means of comprehensive and collision coverage. In your loan and lease agreements you normally agree to carry these coverages on the cars. The coverages you need to have on your leased and financed cars, above the state’s required coverage, will depend on the agreements you signed and by Florida state law. A lease will typically require 100/300/50 for Bodily Injury Liability and Property Damage Liability. This coverage is a policy level coverage and all cars on the insurance policy will have to have this level of liability coverage, even if they are not both leased.

If according to the leasing and loan documents you have different requirements you can thus carry different coverages on each car.

Tags: auto insurance