Many people are confused about what insurance coverage they carry. I have heard time and time again that people believe they have “full coverage” after being involved in an automobile accident when they have minimal coverage. The Florida Responsibility Law does require each driver to have minimum limits of bodily injury liability of $10,000 per person, $20,000 per crash, $10,000 in property liability per crash and personal injury protection benefits of $10,000 per person per crash. Often times, these minimum requirements are not enough coverage if you are involved in a serious accident.
There are multiple types of coverage you can elect to buy when you renew your insurance policy. Here are a few:
Bodily Injury Coverage: This is protection offered if you or the driver of your vehicle injures another person while driving your car.
Personal Injury Protection Coverage: This will pay medical expenses and/or lost wages for you and your passengers, if injured in an accident. The typical amount of coverage is $10,000. The amount of the deductible varies with each policy. Florida Law requires that you go to the doctor within 14 days from the date of accident otherwise you can lose the ability to collect any of your PIP coverage. In order to receive the full amount ($10,000) in coverage, you must be diagnosed with an emergency medical condition, otherwise you maybe limited to collecting a maximum of $2,500 in benefits.
Property Damage Coverage: This is the amount that the insurance company will pay to repair vehicles involved in the accident.
Uninsured/Underinsured Motorist (UM) Coverage: This type of insurance will cover you if you have been injured and the at-fault party has no insurance or inadequate insurance to compensate you for your injuries.
Should you have any questions regarding automobile coverage, contact my law firm to discuss your options.