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What types of car insurance should I have in Florida?

Auto insurance is a crucial ally when you need it. A collision with another vehicle, a one-car rollover or crash that leads to damaged property leads to many worries. Insurance provides an important safety net.

In Florida, certain requirements pertain to auto insurance. For example, that state requires two types of coverage for licensed drivers. The first is personal injury protection (PIP) and the other is property damage liability. Drivers must have a $10,000 minimum coverage for each. But it is crucial to understand other insurance options available to you and whether to increase the amounts.

Uninsured motorist and bodily injury

Here is a basic guideline for auto insurance available in Florida:

  • Personal injury protection (PIP): Florida is a no-fault insurance state, requiring this insurance that covers injuries and damages no matter who was at fault in the accident. Since the maximum PIP coverage in Florida is $10,000, you may consider seeking additional coverage through MedPay. This insurance offers supplemental coverage for medical expenses after the PIP limit has been reached.
  • Property damage liability: If you are at fault in a collision, this insurance pays for damaged caused to another person’s property.
  • Uninsured motorist and underinsured motorist coverage: Florida does not require either. Within this category lie three types of coverage. Uninsured motorist bodily injury (UMBI) covers your injuries after an uninsured driver strikes you. Uninsured motorist property damage (UMPD) covers repairs. Through underinsured motorist coverage (UIM), you get additional coverage if the other driver lacks enough insurance coverage. However, it is important to have such coverage, considering the high number of uninsured drivers in Florida. According to the Insurance Information Institute (III), 20.4% of Florida drivers in 2019 were uninsured, thus ranking the state No. 6 in the country for having the most uninsured motorists.
  • Collision coverage: This covers the damages sustained to the policyholder’s motor vehicle from an accident but does not cover other property damage that you caused. While Florida does not require this insurance, it is a good thing to have. With it, you gain peace of mind knowing that the damages to your car will be repaired.
  • Bodily injury liability coverage: In this scenario, it is the negligent driver whose bodily injury policy pays for the other person’s injuries. In essence, a bodily injury policy covers the injuries of others, but not your injuries. While not required in Florida, consider these reasons for having such coverage. The first one: If your negligence led to a crash with an injury, the other driver may seek damages in a lawsuit. The second reason is that bodily injury liability insurance protects you and your assets.

Understand the options available and always drive defensively.

Protection and peace of mind

Discuss auto insurance options with your insurance agent. You want to ensure that you have made the best choices for you and your family in case you are involved in a motor vehicle accident. Insurance provides the protection and peace of mind that you need.

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