If you are wondering, “Do I need uninsured motorist coverage in Florida?” finding an answer might seem difficult. To make it easier, we provide three reasons you should have it below.
As with any type of insurance, uninsured motorist coverage can help pay for your losses in the event of an accident. This particular type of coverage, however, can be essential if you are in an accident with a driver who is uninsured or whose coverage is inadequate to cover your injuries. In fact, we think it is one of the most important insurance decisions a person can make.
What is UM coverage?
Uninsured motorist insurance covers the injuries and damages that you and those covered under your policy sustain when involved in an accident with an uninsured or underinsured driver. It can cover things like your medical care, lost wages, and other losses you experience.
Why You Need Uninsured Motorist Coverage in Florida
- Florida is a no-fault state.
As a no-fault state, Florida requires drivers to use the coverage from their own policies before pursuing damages from the at-fault driver’s insurance. The minimum coverage for personal injury protection (PIP) that drivers are required to carry is $10,000 dollars. When that runs out (and it can run out quickly if you have a severe injury), drivers can then pursue the other driver for the remaining costs.
However, if the other driver does not have liability coverage, injured drivers may be left holding the bill.
Do I need uninsured motorist coverage in Florida? Don’t wait until it’s too late to answer this critical question. Contact us if you need help.
- Florida does not require drivers to carry bodily injury liability coverage.
Even if the at-fault driver has Bodily Injury liability (BI) coverage, it might not be enough to cover all of your costs, but because Florida does not require it to drive legally, you could be out of luck entirely. If your PIP coverage is low and the other driver has chosen not to carry BI coverage, there may be no recourse.
- Car accident injuries are expensive.
For severe car accident injuries, the medical bills, as high as they often can be, are not the only costs to consider. Will you be out of work for more than a few weeks? That lost income can add up. Will there be ongoing costs for your care? Therapy and special equipment are expensive. Uninsured motorist insurance can help with these costs.
What Are The Pros and Cons Of Uninsured Motorist Coverage?
Here, we’ve compiled the pros and cons of uninsured motorist coverage, breaking everything down, so you know exactly what it is you’re buying.
Pros of Uninsured Motorist Coverage
The statutes of each state dictate rules to the population of that state and can include rules about uninsured motorist coverage. Florida Statute 627.727 has laws about motor vehicle insurance, including uninsured and underinsured motorist coverage. Here are the pros of UMC:
Stacking Uninsured Motorist Coverage
If you purchase UM or UIM coverage, you may be able to take advantage of what is known as “stacking.” For instance, if you purchase a $100,000 UM / UIM policy and have three vehicles on the policy, you can “stack” the policy so that there is $300,000 in coverage. The coverage multiplies by the number of cars covered under the policy.
Protection Against a Hit-and-Run Accident
A hit-and-run accident is when a negligent driver strikes a car, causes an accident, and flees the scene without exchanging contact information. Often, people cannot pursue compensation for losses because of the lack of discovery about who was at fault.
However, Uninsured Motorist Property Damage Insurance (UMPDI) and Uninsured Motorist Bodily Injury Insurance (UMBI) will generally cover hit-and-run accidents. This policy is decided on a state-by-state basis. For example, in Florida, you can buy UMBI to protect yourself from damages caused by a hit-and-run accident.
You will have the money you need regardless of the other driver
The biggest benefit of purchasing an uninsured motorist policy is that you will have the money you need regardless of the other driver because UM coverage covers you after an injury accident involving an uninsured driver.
Florida is a no-fault state, but after using up your PIP coverage, you might need more money to cover medical costs, missed earnings, and other costs. That is what UM coverage can do. It protects you from having to bear undue financial difficulties due to another driver’s errors.
Do I need uninsured motorist coverage in Florida? You know the answer.
Now that you understand what UM insurance covers and why it is important to carry, it should be clear why we always suggest that drivers have it. The cost to have this type of coverage is nothing compared to what it pays for in a worst-case scenario. If you are still asking, “Do I need uninsured motorist coverage in Florida?” you already know the answer.
If you have been in an accident with an uninsured or underinsured driver, you may still have options to recover compensation. Get in touch with the attorneys at RRBH Law today to schedule a consultation.