What does full coverage mean? Is it enough?
The types of insurance coverage that you are required to have in Florida are in many instances insufficient to protect you in the unfortunate event of an automobile accident. In my practice, I have had many clients that have been hurt in an accident tell me, “I have full coverage.” In reality, there is no such thing as “full coverage.” Many people mistakenly believe that by having the minimum coverages required by law, they are “fully covered.” Not so.
According to Florida law, if you own a motor vehicle, you must carry $10,000.00 of personal injury protection (PIP) insurance and a minimum of $10,000 of property damage liability insurance. You may have a deductible of up to $1,000 for PIP coverage and $500 for property damage liability. Personal Injury Protection covers you irrespective of whether you are the at-fault party in the accident. PIP pays 80% of your reasonable accident-related medical expenses, and 60% of wage loss if your physician advises that your injuries prevent you from returning to your job. PIP also provides $5,000.00 in death benefits.
As you can see, the minimum requirements do not afford you much in the way of protection in the unfortunate event of a significant accident. Several scenarios can occur where your ability to be compensated is severely compromised by not having an adequate amount of automobile insurance. Additionally, should you be the negligent party in an accident involving injuries to the other driver and/or his or her passengers, your personal assets could well become at risk in the event of an excess money judgment being entered against. Bodily injury liability coverage is the coverage that will pay for any injuries caused as the result your negligence in an accident. Accordingly, purchasing as much bodily injury liability coverage as you can afford is an important way to protect you and your assets.
Uninsured/Underinsured Motorist Coverage in Florida
Just as importantly, uninsured motorist coverage, though not required by Florida law, is an extremely important coverage to have. Uninsured/underinsured motorist coverage is a type of car insurance that protects you from accidents caused by a driver who does not have insurance or does not have enough coverage to fully compensate you for your injuries and damages. Given the high number of motorists who are driving with no auto insurance or minimal bodily injury limits, carrying uninsured motorist coverage on your auto insurance policy is an extremely important way to protect yourself. Paying a higher premium today may save you from extreme hardship later. In the words of the familiar idiom, don’t be pennywise and pound foolish.
Hopefully, I have answered some questions about insurance coverage in Florida and given some perspective regarding what coverages are important to have. If you have any other questions, please contact the Casella Law Group.