Below, read about the laws regarding Florida car insurance coverage, as well as some factors to consider when you’re selecting car insurance coverage.
Florida’s No-Fault Car Insurance System
Florida follows a no-fault system for car insurance coverage. So, if you’re hurt in an accident, your medical expenses, as well as the medical expenses of any household members hurt in the crash, are covered by your own insurance. Personal Injury Protection insurance, or PIP, is what covers your medical expenses, and the state of Florida requires you to carry at least $10,000 in PIP insurance. Property Damage Liability insurance, or PDL, is what covers the damages to other people’s property which occurred in the crash. You must carry at least $10,000 in PDL coverage as a Florida driver. Unlike many states, you are not required to carry Bodily Injury Liability, or BIL, insurance, which will pay for the medical expenses of persons injured by you in the crash. Even though it isn’t required, purchasing BIL coverage is a good idea, as those covered by BIL will be provided with a legal defense if sued by the other injured driver in the event of a crash. If you are not covered by BIL, you may be sued for the driver’s injuries and have to pay for their medical expenses as well as the costs of a legal defense. Other forms of coverage, such as uninsured motorist, collision, and comprehensive coverage, are not legally required, but it may be wise to add them to your existing coverage, depending on your financial circumstances.
How to Select Your Coverage Levels
Your choice of which coverage to purchase will depend on several factors, such as the age and value of your car, and other assets you may own. If the expenses that the other driver incurs as a result of the crash are greater than the amount of your insurance coverage—if, say, their brand-new BMW was totaled—then that driver can sue you for the difference. If your net worth is substantial, you could stand to lose a great deal in a lawsuit. However, if your assets are limited and you drive an older vehicle, then it may not be worthwhile to pay for a high amount of coverage.
If your car is older, it may not be worthwhile for you to pay for full coverage, since the deductible you pay to have your car repaired could end up being greater than the value of your car. However, if you are leasing your vehicle, or still have payments to make on a car loan, you may be required to have full coverage, and it could end up saving you a lot of money in the event of a crash or theft.
If you have been injured in a crash and need help in having your expenses compensated, contact the experienced Pensacola personal injury attorneys at Whibbs Stone Barnett for a consultation, at 1-888-219-4561.