Over the last 15 years we have seen our share of customers who were in an auto accident and thought they were covered correctly with minimum amounts of coverage. Better known as State required or PIP/PD. While its true that PIP/PD is all that’s required to obtain a license plate. You could be at risk of a serious financial loss in the event of an accident. Below is the exact wording from the Florida Dept. of Financial Services; Automobile Insurance toolkit. Visit www.myFloridaCfo.com for more information.
The minimum amount of auto insurance coverage needed to obtain a Florida license plate and vehicle registration is $10,000 dollars in Property Damage Liability (PD) and $10,000 dollars in Personal Injury Protection (PIP). PD protects property owned by someone else that is damaged by your vehicle. Examples might include another person’s vehicle, a telephone pole, or a building. PD liability will never pay for physical injuries. PIP is sometimes called “No-Fault Coverage” and ensures the physical injuries you and certain other people in your vehicle sustain in an accident are covered, regardless of who is at fault in an accident.
The Florida Financial Responsibility Law states that any person who is at fault in an accident that causes bodily injury and property damage to another party must also have Bodily Injury Liability coverage (BI) totaling $30,000 in addition to the PIP and PD limits listed above. You may choose either split or single limit coverage as long as the total coverage amount is $30,000 dollars. For example, both $10,000/$20,000 (per person/per accident) split limits or a $30,000 combined single limit would be acceptable. In some instances, the law may require certain drivers to carry higher limits of liability. Drivers convicted of driving under the influence of drugs or alcohol must provide proof of BI coverage in the amount of $100,000/$300,000 (per person/per accident) and $50,000 in PD liability.
Its our opinion that if you are not informed of of the Florida Financial Responsibility laws and the consequences, you can not make an informed decision on your auto insurance needs. An informed consumer is our best customer. Often we find lower rates for customers including bodily injury coverage.
Call us today for a free auto insurance quote 904-264-0977.
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