What is the minimum auto insurance required?
What is the minimum auto insurance required in Florida? Many people who buy a car in Florida want to know the minimum insurance allowed by law. Well, if you raised some money and bought a second-hand vehicle, cash, you should know that Florida is governed by the law of no-fault. This means that, regardless of who is responsible in an accident, each driver’s insurance is responsible for assuming the medical expenses of their own client and the family members who traveled with him.
The above statement is key to understanding why the law in this state requires all drivers to have personal injury coverage or Personal Injury Protection, PIP, for a minimum of $ 10,000.
In other words, if after an accident you need health care, the PIP will cover 80% of it up to a maximum of $ 10,000, regardless of who caused it. It will also cover 60% of lost wages and $ 5,000 in death compensation.
The other mandatory coverage in Florida is Property Damage Liability Coverage (PDL) Insurance for a minimum of $ 10,000.
If, when you drive, for any reason, you damage someone else’s property, it is protected by the PDL. The same, if another vehicle collides, if it breaks a fence, if it crashes into a kiosk, etc.
In short, Florida law only requires you to have these two coverages: PIP, to cover medical bills for you and your family, and PDL to protect other people’s property.
However, if your car is financed, the lender may require you to purchase full coverage insurance or Comprehensive Coverage and collision insurance, or Collision Coverage. The latter is designed to protect your car if it is involved in an accident and the former in case it suffers damage of another nature, such as theft, vandalism, a tree falls on it or, as experts say, if it suffers damage caused by acts of God. What is the minimum auto insurance required in Florida?
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