Florida’s pleasant year-round climate, endless waterways, beautiful beaches, top-notch golf courses, family-friendly theme parks, and countless other destinations attract tourists and residents making the state a fabulous place to live, work, play, and visit. With so much going for it, it’s no surprise that Florida’s population will stand at more than 22 million residents by the end of 2022. Moreover, in the third quarter of 2022 alone, the state hosted 35.1 million visitors.
With all these people visiting and living in the state, millions of cars are on the road day and night, increasing the likelihood of being in a car crash. In fact, according to the Florida Highway Safety and Motor Vehicles, the state saw 410,537 crashes, with 3,737 fatalities and 252,973 injuries in 2021. Given these sobering statistics, is it any wonder that auto insurance is mandatory in Florida? That’s right—if you want to drive a car in this state, you must carry auto insurance.
Read on to discover five things you didn’t know about Florida auto insurance, then give us a call at (561) 988-3330 to schedule an appointment with one of our auto insurance agents at The Gordon Agency. We can help ensure you have the right amount of auto insurance you need to protect you and your loved ones on Florida’s crowded roads.
1. Florida Requires All Drivers to Have Auto Insurance with Minimum Coverage Requirements
Florida law requires all drivers to have auto insurance. Drivers can choose from a few different types of optional insurance, but all policies must include certain minimum coverage requirements.
2. Minimum Coverage Is $10,000 Personal Injury Protection and $10,000 Property Damage Liability
In Florida, all drivers are required to have a minimum of $10,000 in personal injury protection (PIP) and $10,000 in property damage liability (PDL) coverage. PIP covers 80% of all necessary and reasonable medical expenses up to $10,000 resulting from a covered injury, no matter who caused the crash. PDL coverage pays for damage to another person’s property caused by you or someone else driving your insured vehicle.
While the minimum coverage requirements are relatively low, it is important to remember that they may not be enough to cover all your expenses in the event of a serious accident. As a result, many experts recommend carrying higher levels of insurance coverage. Ultimately, deciding how much coverage to carry depends on your individual needs and circumstances. By understanding the basics of Florida’s auto insurance requirements, you can decide what level of protection is right for you.
3. Optional Auto Insurance Coverage in Florida
If you finance your vehicle, your lender may require you to carry collision and comprehensive coverage. Even if it’s not required, this coverage can provide valuable protection if you get into a car accident or if your car sustains damage due to other causes.
In addition to collision and comprehensive coverage, other optional coverage includes:
- Bodily injury liability
- Property damage
- Medical payments
- Uninsured or underinsured motorist
- Roadside assistance, towing and rental car
- Gap insurance
- Windshield repair
Your auto insurance agent can answer any questions and advise you on the best auto insurance for your circumstances.
4. Florida Has Some of the Highest Rates of Uninsured Drivers in the United States
Unfortunately, according to statistics, Florida has some of the highest rates of uninsured and underinsured drivers which makes procuring UM coverage particularly important for all drivers. Uninsured and underinsured motorist coverage (UM) is an optional coverage that can be added to your Florida auto insurance policy. UM covers you, your relatives living with you, and anyone who uses your car. UM compensates you for injuries sustained in a car accident where the at-fault driver is uninsured (does not have insurance), or underinsured (has insufficient insurance).
The main advantage of having UM is that you will have the money you need regardless of who is at fault in an injury accident caused by an uninsured or underinsured driver. Even though Florida is a no-fault state, you may require additional funds after your PIP coverage has been exhausted to cover medical expenses, lost wages, and other expenses. In such cases, UM can assist and can protect you from incurring unnecessarily high financial costs due to the negligence of another driver.
5. You Can Choose Your Own Deductible Amount
When it comes to auto insurance, one of the most important choices you’ll make is how much to choose for your deductible. Your deductible is the amount you’ll pay out-of-pocket before your insurance company steps in to cover the rest of a covered claim. For example, if you have a $500 deductible and suffer $5,000 in damage from a covered accident, you’ll pay the first $500, and your insurer will cover the remaining $4,500.
Choosing the right deductible is important because it can significantly impact your premium (the amount you pay for your insurance coverage). In general, the higher your deductible, the lower your premium. That’s because you’re shouldering more of the financial risk yourself, so the insurer doesn’t have to cover as much. Of course, that also means that if you file a claim, you’ll have to pay more out-of-pocket.
Let The Gordon Agency Customize Your Auto Insurance Policy
Are you searching online for “auto insurance near me?” If so, look no further! At The Gordon Agency, we represent many excellent auto insurers. There is no one best insurance company for all types of drivers, vehicles, or coverage limit options. Being an independent insurance agency allows our licensed auto insurance professionals to match you with the appropriate carrier and auto insurance policy, coverages, or products to obtain the best overall auto insurance coverage package for you at the best rate.
Call us at (561) 988-3330 to schedule an appointment with one of our auto insurance agents to customize an auto insurance policy that is right for you.
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