As you are probably aware, Florida is a No-fault state for auto insurance. Explained briefly, the No fault law is created to help people, injured in a car accident, receive the required financial assistance without having to establish who is at fault. Needless to say, the amount of money paid out by insurance companies is up to the limits of the insurance coverage.
In the state of Florida, the minimum required liability is quite low – only $10,000 of personal injury protection (PIP) and $10,000 of property damage liability (PDL). It is not very difficult to see that in case of a serious accident, when you need your insurance the most, these limits will barely be sufficient. Its highly recommended to purchase cover well above the expected minimum.
Listed below are three facts regarding Florida No fault Insurance that you may well not realize.
1. Suing the at fault driver is an option – Although, No-fault insurance law is intended to mean less litigation, it doesn’t necessarily mean you can not take the at fault motorist to court. Needless to say, certain conditions must be met. There are 2 types of conditions, often called thresholds. Verbal threshold, death or significant disfigurement, and monetary threshold – huge dollar amounts for medical bills.
2. You may need to be examined independently – Independent medical examination is a vital part which makes the Florida No Fault law work. Your insurance company has the right to request for an independent examination and the medical professional is chosen by the insurance provider as well. You really don’t have any choice but to oblige their request, or else your insurance policy will be cancelled.
3. You are not covered 100% by Personal injury protection – Usually, motorists in Florida make the assumption that Pip will cover all their expenses in a case of an accident. In fact, PIP only covers 80% . Don’t forget you have deductible too. A good example may be able to illustrate this better.
- Total Medical Expenses:$5,000
– Percentage payable under PIP statute:80 percent
– Benefits due but for the deductible:$4,000
– Less deductible:$1,000
– Benefits payable:$3,000
Understanding Florida No-Fault insurance law will unquestionably help you find the right plan for you. Don’t rush to purchase an insurance policy until you feel positive you have made the right choice. Ask your insurance broker as many questions as possible. Don’t just stick to one insurer – compare quotes from at least three providers.
For more information and instant quotes please visit Florida No-fault Insurance and SR22 Insurance.
