Is having coverage for uninsured drivers necessary? Most insurance agents recommend purchasing uninsured motorist coverage, UM for short. This advice often raises suspicion among policyholders, who wonder why I need more coverage than what’s required by Florida law.
I think we should go into why following your agent’s recommendation for UM coverage might be helpful to you. Florida’s minimum requirements for driving mandate have a policy that includes property damage liability (PDL) coverage of $10,000 and a similar amount for personal injury protection (PIP). The former protects third-party property, while the latter covers injuries you and your passengers may sustain in an accident.
The catch is, if you’re in an accident caused by another driver, by law, your insurance must cover your injuries and medical treatments up to the coverage limit—$10,000. But what if your medical treatment costs $100,000? Typically, your insurer will turn to the at-fault driver’s insurance to cover the rest of the bill, the remaining $90,000. At this point, two scenarios may unfold.
The first scenario involves the at-fault driver having optional, non-compulsory insurance in Florida called Bodily Injury (BI) coverage, which protects injuries caused to others by a negligent driver. In this case, your insurance can cover the bill with that compensation.
The second scenario arises if the at-fault driver lacks BI, has insufficient coverage, or has fled the scene. As the accident victim, you’d have to cover your medical bills and the $90,000 in these cases.
If you think such a situation couldn’t happen to you, consider this statistic: according to the Insurance Research Council, over 26% of Florida drivers are uninsured, and of the insured ones, 25% carry minimum coverage—meaning they lack BI.
That’s why when an agent advises you to get UM coverage and you’re financially capable, purchasing the maximum possible is for your benefit. Your financial stability truly doesn’t depend on others’ responsibility. Is having coverage for uninsured drivers necessary?
Call us today for a full qualification! (305) 985-4126. You can also get a free quote here.
