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The Seven Types Of Auto Insurance In Florida

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Car insurance is mandatory in the Sunshine State and most other jurisdictions. However, not all auto insurance is created equally. Here is a brief rundown of the different types of insurance that are available.

Liability Coverage

This type of insurance is mandatory in Florida. It pays for the damages that other drivers sustain if you cause a collision. The amount of required insurance varies by state. In Florida, drivers must carry $10,000 in coverage. That’s one of the lowest insurance minimum requirements in the country. Most insurance companies suggest that motorists carry higher coverage. $10,000 is not nearly enough to cover severe damage to a new-ish car, and the tortfeasor (negligent driver) is financially responsible for anything the insurance company does not pay.

Collision Coverage

If a lender has a lien on the vehicle, it will probably require collision coverage. This insurance pays for damage to your own vehicle if you cause a collision in Port St. Lucie or elsewhere. So, collision coverage protects the lender’s security interest in the vehicle. To establish rates for collision and other types of insurance, the company can use your driving record, address, and even your credit score to determine risk.

Comprehensive Coverage

Here in Florida, there is a rather high possibility of weather-related damage to a vehicle. There’s also the possibility of theft, vandalism, and other non-collision damage. Comprehensive insurance covers these types of losses. So, many lenders require it in addition to liability and collision coverage.

Underinsured and Uninsured Motorist Coverage

Florida has the highest percentage of uninsured drivers (over 26 percent) in the country. Given the low insurance minimum, Florida also has one of the highest percentage of underinsured drivers in the country. Uninsured motorist coverage protects you if the tortfeasor has no insurance. This coverage also pays for hit-and-run crash damage. Underinsured motorist coverage in Port St. Lucie is a lot like gap insurance. If the other driver lacks sufficient coverage, your insurance company may pick up the difference. That’s easier than suing the other driver for the balance.

PIP/Medical Payments Coverage

Florida is a no-fault state, so Personal Injury  Protection insurance is mandatory. It pays for the victim’s medical bills if you cause a collision. Requirements vary, but generally, Port St. Lucie drivers must carry PIP that pays for 80 percent of medical bills. Medical payments coverage is much the same. But it usually applies no matter who is at fault.

Gap Insurance

Passenger vehicles depreciate quickly. Often, if a car or truck is destroyed in a crash, its current fair market value may be lower than the outstanding loan value. Gap insurance pays the difference.

Rental and Towing Insurance

Sometimes, this coverage is included with the collision or other main policy. Rental insurance pays for a rental car while your vehicle is being repaired or replaced; towing insurance pays for some emergency roadside expenses.

If you were seriously hurt in a Port St. Lucie car crash, talk to an attorney about the compensation that may be available. In addition to the economic losses covered by insurance, like medical bills and property damage, you may also be entitled to compensation for emotional distress and other noneconomic losses.

Reach Out to Aggressive Lawyers

The auto insurance requirements in Florida are rather complex. For a free consultation with an experienced personal injury attorney in Port St. Lucie, contact Eighmie Law Firm, P.A. Home and hospital visits are available.

Resource:

iii.org/fact-statistic/facts-statistics-uninsured-motorists

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