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Florida car insurance purchases can be challenging if you do not know what is required and what is optional. Florida residents, with a Florida registered vehicle, must carry $10,000 in personal injury protection (PIP) and $10,000 in property damage coverage.
PIP is insurance used for medical treatment, lost wages and/or milage reimbursement for getting to and from the doctor. Personal injury protection is for your benefit because it provides insurance for injuries related to an accident, regardless of fault. If you are injured in an accident, then you have $10,000 available in medical insurance, which is paid at 80% so you are responsible for 20%.
Supplemental insurance is available to the PIP component and is called Med Pay. What this does is provide coverage, up to an elected amount, for the 20% that is not covered by PIP. Therefore, you would not be out-of-pocket for your injuries until you
have reached your elected amount of coverage.
Property damage coverage of $10,000 is required to pay for the damage you may cause another as a result of your own actions.
Collision insurance is available to pay for damage to your own vehicle if you are involved in an accident. This is an elected insurance coverage.
Other options available are bodily injury coverage and uninsured motorist coverage. Bodily injury protection is available to help protect your assets (money, home, etc.) from a personal judgment if you cause bodily injuries to another because of your negligence. Generally, if you elect for a certain amount of coverage, then your insurance company will represent you and the insurance company will be on the hook for liability up to your elected amount. If someone sues you and your insurance company pays them injuries related to the Florida automobile accident, the autmobile insurance company will require the injured party to sign a release of liability in exchange for payment from your insurance coverage.
Uninsured motorist coverage protects you if you are injured by another party and the responsible party does not have bodily injury coverage, or it is not enough to compensate you for your injuries. This acts as a way to protect you from out-of-pocket expenses and to compensate you for loss of enjoyment of life due to the injuries you have suffered. You can elect a certain amount of insurance and if you are injured by an uninsured person, then you still have an ability to be compensated by your own insurance company.