Florida law mandates proof of insurance when registering vehicles in the state, and many lenders and lien holders require full coverage policies when financing vehicles.
Typically, minimum state requirements include $10,000 of property damage liability (PDL). This covers other drivers’ car expenses in an accident caused by you.
What is the Minimum Requirement?
Florida car insurance laws mandate drivers maintain at all times a minimum level of personal injury protection (PIP) and property damage liability coverage on their vehicle at all times, to cover your medical expenses in case of an accident and cover damage caused to another driver or property by you. While Florida’s minimum requirement for this coverage is $10,000 PDL and $10,000 PIP coverage respectively, MoneyGeek recommends increasing those amounts further for added asset protection should an auto accident cause damages that require court litigation.
Most car insurance providers offer additional policies you can add on that go beyond state-mandated minimums, such as comprehensive and collision coverage that can cover repairs to your car after an accident, severe weather, natural disasters, theft, fire or cracked windshields (with no deductible in Florida). These optional coverage options may include comprehensive and collision policies as well as non-collision events like severe weather events or natural disasters (no matter if no collision was involved).
Most lenders require you to have collision and comprehensive car insurance if leasing or financing a vehicle, while high-risk car insurance policies may be necessary if you have been involved in multiple accidents, DUI offenses or serious traffic violations. Florida boasts some of the highest uninsured motorist rates nationwide – so adding uninsured/underinsured motorist coverage to your policy may also prove advantageous.
What is Bodily Injury Liability?
Bodily injury liability coverage provides financial compensation for injuries you cause to other people in an accident you cause, as well as covering costs for repairing or replacing their vehicles up to your policy limits. It is one of the primary differences between Florida and other states with fault (or tort) laws instead of no-fault policies.
Florida requires minimum requirements of $10,000 in Personal Injury Protection (PIP) and Property Damage Liability (PDL), yet this might not cover the costs associated with an unexpected collision. Therefore, adding bodily Injury Liability Insurance as part of your policy could be beneficial.
Most drivers strive to set their liability limits at an amount that will protect their assets should a lawsuit arise against them. While each state varies in its requirements for minimum liability insurance requirements, experts typically suggest having coverage of $100K/300k per incident at minimum.
An add-on policy, like full coverage insurance, is an integral and cost-effective part of car ownership. When combined with other coverage types like comprehensive and collision, such as comprehensive and collision, they form what’s known as “full coverage,” often mandated by lenders and lien holders who finance or lease vehicles. Maintaining the proper auto coverage at all times to prevent fines or license suspension from lenders/lien holders is crucial and you should seek guidance from your local agent for more details.
What is Property Damage Liability?
Property damage liability insurance covers repairs or replacement costs of another’s vehicle and related belongings if an accident is your responsibility, while also covering reasonable medical expenses up to $10K regardless of who caused it.
Property damage liability limits in Florida are quite low, so experts advise raising them to protect personal assets in case of a serious accident. Collision coverage helps cover damage caused by collision with other vehicles or fixed objects like fences and guardrails while comprehensive coverage offers compensation in cases such as flooding, theft or natural disasters that do not involve collisions between cars.
Be mindful that failing to comply with Florida law’s minimum car insurance requirement could result in severe penalties, including fines and having your license and registration suspended. To avoid this scenario, always carry proof of car insurance with you at all times and renew before it lapses; new drivers or those experiencing gaps in coverage should contact their insurer immediately for coverage reinstatement – we offer competitively priced liability, PIP, collision, comprehensive, and personal injury protection options to drivers across Florida.
What is Comprehensive Coverage?
Florida drivers aren’t required to carry comprehensive car insurance, but it is available as an optional coverage option. Comprehensive policies cover damages sustained from theft, natural disasters or vandalism as well as collision damage caused by another object or animal – often included as part of full coverage policies.
You have the freedom to select your deductible amount when it comes to policies. Your insurer will usually require that a claim be paid in full before their payments start; so select one you can afford should anything happen that necessitates making a claim.
Collision insurance typically comes with a deductible amount that must be met out-of-pocket before your policy will cover repairs; typically a higher deductible means lower premiums.
Geico offers more than the standard liability, collision, and comprehensive policies; they also offer medical payments (MedPay), 24-hour roadside assistance, rideshare coverage and mechanical breakdown insurance if required by lienholders or loan agreements for your auto loan agreement. With Geico’s search box you can discover their policies and prices, then compare Geico with other top car insurers’ offerings.
What is Collision Coverage?
Collision coverage is one of the primary components of car insurance, covering costs associated with repairing or replacing your vehicle if involved in an accident. While not required by Florida law, collision coverage should still be included if leasing or financing your vehicle, though if doing either they likely require it. Furthermore, having collision coverage even if owning it outright would also be wise.
Florida is a no-fault state, which means that in the event of an accident your own personal injury protection (PIP) pays for your medical bills and financial losses up to your policy limits, no matter who caused the crash. This makes the claims process simpler while cutting legal costs significantly for you; however there are certain restrictions associated with PIP coverage including no compensation for noneconomic damages like pain and suffering.
Florida car insurance requirements mandate two basic policies; in addition, you should also consider adding optional coverage options like uninsured motorist coverage, roadside assistance and medical payments coverage. You’ll find these and more with an auto policy from Geico; they are well known for offering low rates with superior customer service as well as higher policy limits than their competitors; for instance they even provide glass coverage with its own deductible payment to help pay for replacement windshield costs in case of an accident.
What is Uninsured Motorist Coverage?
Florida may be a no-fault state, but this doesn’t excuse drivers from carrying car insurance. Florida requires minimum requirements of $10,000 each for PIP and property damage liability policies – although these may not provide sufficient support in an accident scenario.
Since an at-fault driver’s insurance will cover medical bills and lost wages only up to their policy limits, any additional costs could fall upon you if involved in an accident caused by someone uninsured or underinsured. With this coverage in place, however, a claim can be filed for reimbursement of these additional expenses.
Property damage liability coverage provides coverage for property damage caused by accidents you cause to other cars and structures; including your home or commercial properties. Although state minimum limits are relatively low, many drivers elect to increase their coverage in order to meet more stringent financial demands.
Liability insurance is required in most states because it allows victims of accidents you cause to receive financial relief without jeopardizing your own assets. Therefore, it is imperative that you carry sufficient auto insurance limits so as to not put yourself and/or others at risk in an accident scenario. For assistance regarding how much coverage is appropriate, reach out to a car accident attorney today.
