You have probably seen the commercials – “We have the cheapest auto insurance around!” and “Don’t let your insurance costs break the bank!” Many auto insurance companies advertise their lowest rate insurance in the hopes of expanding their customer base, but the lowest price policy usually means you are getting the least amount of insurance coverage. And in Florida, the minimum amount of coverage is shockingly low.
Minimum Insurance Coverage in Florida
Florida law only requires Florida residents to have $10,000 in personal injury protection and $10,000 in property damage liability. You are required, by law, to purchase this minimum coverage, though you have the option to purchase better coverage.
Florida is a no-fault insurance state, which means that if you are seriously hurt in an auto accident, your car insurance should pay your medical costs up to your policy’s limits, regardless of who caused the accident. Your personal injury protection insurance should also cover:
- Your child and other members of your household
- Passengers in your car who do not have their own personal injury protection insurance and do not own a vehicle
- You while you are a passenger in another person’s vehicle
But here is the issue – if you purchase only the minimum amount of insurance coverage mandated by law, you’re exposing yourself to significant liability if you or a loved one is involved in a serious automobile accident.