fl auto insurance requirements
Florida Auto Insurance Requirements
In Florida, the state’s Financial Responsibility Law requires drivers to carry at least $10,000 in property damage liability coverage. In addition, drivers must carry at least $10,000 in coverage for uninsured motorists. These policies provide coverage for medical bills and property damage in the event of an accident. However, you can choose to have higher limits in some situations. auto insurance quotes new york
If you are caught driving without insurance, you will face a variety of penalties. In some cases, you may lose your license for up to three years, or you may have to pay a reinstatement fee of up to $500. In addition, you will have to produce proof of insurance to law enforcement. If you are convicted of driving without insurance, you will be required to purchase an SR-22 insurance policy in order to satisfy the state’s minimum insurance requirements.
While you may not have to buy a policy with comprehensive coverage, it is a wise choice for your financial security. It protects you financially if you cause damage to another vehicle, and also removes the need to deal with collision repair costs. You can also opt for a no-down payment car insurance policy to save money on coverage.
Another way to satisfy the state’s minimum insurance requirements is to self-insure. This option is available to drivers who can demonstrate their financial capability. However, self-insurers must be liable for the same amount of coverage as a traditional insurance provider. This coverage must meet the state’s minimum insurance requirements and have split limits of 10/20/10 for PIP and BIL.
Florida requires drivers to have at least liability insurance coverage. This covers the costs of hospitalization and legal services if you cause an accident that causes injuries to another party. Bodily injury liability is a good option and is recommended by most agents. In Florida, the limit of bodily injury liability coverage is $20,000 per accident. However, there are some insurers that require bodily injury liability coverage.
You also need to have no-fault insurance coverage. The Florida No-Fault Law requires drivers to have at least $10,000 in PIP insurance. This is a good option to protect yourself against accidents caused by another driver or pedestrian. This policy also covers lost wages in the event of an accident.