FL State Insurance Minimums

• Bodily Injury Liability: $10,000/$20,000 Limit
• Property Damage Liability: $10,000 Limit

Florida is a no-fault state implying that your insurance company will pay for costs incurred from accidents disregarding of who’s at fault. Most of the time, you lose some of the legal rights to sue under a No-Fault system. The specifics of this kind of auto insurance system are different for some other states, but the general construct is the same.

PIP can help pay for medical costs for you, your passengers and others involved in an accident. There are minimums for this coverage in Florida that every Florida driver must maintain. These requirements are $10,000 for one person and $20,000 for every other person involved. These limits are only the very minimum each Florida motorist must have to legally drive in the state of Florida. For extra piece of mind, you can maintain higher limits – although your premiums will also be higher.

Uninsured Driver insurance coverage is for when you are involved in an accident with a driver who does not hold auto insurance in Florida at all, or doesn’t have enough auto insurance coverage to compensate for related expenses. Uninsured Driver auto insurance coverage is not mandatory in Florida, but if you don’t opt for this auto insurance coverage and are in an accident with an uninsured motorist, you may wind up accountable for all of the expenses.

The average auto insurance rate for Florida motorists was $1,104 in 2003; the U.S. average was $914. There are some wrongly believe the state and auto insurance underwriters determine the rates they pay, so they decide not to shop around for lower rates. Insurance underwriters segment their rates differently so an individual’s rate will vary with each company. Shopping around at insurance comparison sites can assist you find discounted auto insurance rates. Insurance sites help you obtain the competitive rates available in Florida, so average Floridians can get a better-than-mean low rate on their auto insurance coverage.

In 2007, usual insurance rates saw their first reduction in about 8 years. 2007 had a .5% to 1% decrease in auto insurance costs from 2006. Yet, the following year in 2008, insurance were again increasing and continued to do so through the start of 2009. Auto insurance sites acknowledge that the only way to lower rates is to comparison shop. Sites like these permit you to speedily and simply review auto insurance costs from various auto insurance underwriters. You possibly may be able to receive reduce auto insurance rate quotes at another auto insurance firm and/or find that you’re eligible for certain auto insurance deductions.