Florida’s auto insurance coverage necessities are among the many most minimal within the nation. But practically 1 in 5 Florida drivers have been uninsured in 2019, in keeping with a 2021 examine by the Insurance coverage Analysis Council.
Right here’s what you could find out about auto insurance coverage necessities in Florida, and why it’s your decision extra than simply the naked minimal.
What are Florida’s auto insurance coverage necessities?
In the event you’re a Florida resident, you will need to meet these minimal auto insurance coverage necessities to drive:
$10,000 in property injury legal responsibility insurance coverage.
$10,000 in private harm safety, or PIP, insurance coverage.
Let’s break down what every of those imply.
Florida’s property injury legal responsibility insurance coverage
Property injury legal responsibility insurance coverage pays to restore or change different individuals’s property in a automobile accident you trigger, whether or not that’s one other particular person’s automobile, a guardrail or your neighbor’s prized mango tree.
In Florida, the minimal property injury legal responsibility protection wanted to drive is $10,000. Which means that your insurance coverage firm could pay as much as $10,000 for property injury you trigger in a single accident, even when a number of automobiles or properties are concerned.
In the event you persist with Florida’s minimal auto insurance coverage necessities, any restore or alternative value past $10,000 could also be your accountability to pay. Most auto insurance coverage firms permit drivers to extend their property injury legal responsibility protection (or “restrict”) as much as $100,000 or extra.
Florida’s PIP insurance coverage
Florida is taken into account a “no-fault” state. In the event you, your passengers or relations dwelling with you might be injured in a automobile accident — no matter who triggered it — you will need to flip to your insurance coverage firm first to assist pay prices. That is the place private harm safety, or PIP, insurance coverage is available in.
PIP insurance coverage, generally known as “no-fault insurance coverage,” pays as much as $10,000 for bills associated to your accidents from a crash. These embody issues like physician visits, misplaced wages should you can’t work and funeral prices for anybody that dies. PIP insurance coverage usually comes with a deductible, the quantity you’re on the hook for earlier than insurance coverage pays out.
You possibly can’t enhance your $10,000 PIP restrict. In the event you or your passengers’ medical prices exceed $10,000, you will have to pay the remainder out of pocket or depend on different sorts of insurance coverage, like medical funds protection or medical health insurance.
Must you get greater than the naked minimal automobile insurance coverage in Florida?
Florida’s auto insurance coverage necessities are fairly low, leaving many minimally insured drivers financially weak.
Think about this: The common value of a brand new automobile within the U.S. topped $49,000 in January 2023, in keeping with Kelley Blue E book. In the event you trigger an accident that leads to a number of automobiles being totaled, $10,000 in property injury legal responsibility protection gained’t minimize it. Provided that Florida has one of many highest concentrations of luxurious automobiles and electrical autos within the nation, it’s typically a good suggestion to bump up your property injury legal responsibility restrict, should you can afford it.
You may additionally wish to add bodily harm legal responsibility insurance coverage. This pays others for accidents you trigger in an accident if these prices exceed the $10,000 PIP protection restrict. With out this protection kind, you’ll probably be chargeable for any bills that exceed the PIP restrict, plus authorized charges should you’re sued.
Right here’s an inventory of different sorts of automobile insurance coverage chances are you’ll wish to contemplate should you reside in Florida.
Medical prices for you, passengers and resident relations when injured by an uninsured or minimally insured driver. As a result of Florida doesn’t require bodily harm legal responsibility insurance coverage, this protection kind could assist in case your medical payments exceed the $10,000 PIP restrict. It additionally covers hit-and-runs.
Your individual automobile repairs from traffic-related accidents, no matter fault. It additionally covers hit-and-runs.
Your individual automobile restore prices from nontraffic-related occasions, equivalent to hurricanes, floods or theft.
Medical bills for you and your passengers after an accident, no matter fault. This will help pay for a number of the prices not lined by your PIP insurance coverage, in addition to a excessive medical health insurance deductible.
A battery bounce or tow in case your automobile breaks down.
*In the event you finance or lease your automobile, your lender will probably require you to have complete and collision insurance coverage.
Take be aware: You’ll probably have to purchase greater than Florida’s minimal auto insurance coverage necessities should you finance or lease your automobile, or if you’re deemed a “high-risk” driver and wish FR-44 or SR-22 insurance coverage.
What are the minimal necessities for auto insurance coverage in Florida?
Can I drive in Florida with out insurance coverage?
What occurs if I drive with out insurance coverage in Florida?
How quickly after transferring to Florida do I would like to vary or replace my insurance coverage?
Can I be sued after entering into an accident in Florida?