What Is The Minimum Amount Of Auto Insurance I Must Have In Florida?
The minimum amount of auto insurance that you should have in Florida is $10,000 of coverage. But if you don’t have it, nobody prevents you from getting a license. A lot of people in Florida (up to 30% or 40%) do not have bodily injury or at-fault insurance. It’s always good to carry the maximum insurance that you can afford because it’s front loaded. For example, it is wise to carry at least $100,000 in (B/I) bodily injury insurance or more to protect yourself from being sued. Additionally, getting $100,000 to $300,000 or more (UM) uninsured motorist coverage does not cost much more than getting $10,000 in UM coverage. UM coverage protects the injured party when the at-fault party has inadequate insurance (B/I) coverage.
Should I Notify My Insurance Company Of The Crash?
You should notify your insurance company right away if a crash happens. If you have a lawyer, it’s good to contact the lawyer and have them get on the line with you because your insurance company may try to diminish the value of your claim for both the no-fault and uninsured motorist benefits.
What Exactly Does Uninsured Motorist Coverage Provide?
Uninsured Motorist coverage is for your bodily injury problems, pain and suffering, past and future medical bills, and past and future lost wages. Your insurance goes in the car of the uninsured or underinsured person, and you are claiming the benefit from your own insurance company who takes the position of the person at-fault. It’s very critical to have (UM) uninsured motorist coverage. Insurance companies don’t like to sell UM coverage; and some insurance companies, especially online companies, will say you don’t need to have UM coverage. You absolutely do need UM coverage for your own protection! It is very inexpensive and it protects you from inadequately insured and uninsured people which can approach 30% to 40% of all drivers in Florida.
What If I Don’t Have Uninsured Motorist Coverage And The At-Fault Driver Has Little Or No Insurance?
If you do not have uninsured motorist coverage and the at-fault driver has little to no insurance, there is not much that can be done. Statistically 95% of all Americans don’t have $5,000 in free cash or assets. In Florida, some people live in multimillion-dollar homes, and you cannot levy upon the equity in their home because of Florida Homestead protection. Sometimes, someone might have stock or real estate assets, but those assets are usually very difficult to find and attach after a Trial. And, as mentioned, 95% to 98% of people don’t have any tangible assets to attach after a Judgment.
Is There A Certain Time Limit To File An Uninsured Motorist Claim?
The time limit to file an uninsured motorist claim is five years.
Is It Ever Advisable To Sue An Uninsured Or Underinsured Person Directly? Is It Worth It?
It is sometimes worth it to sue an uninsured person directly. It’s only “worth it” to keep the filed case in State Court when (many times) your UM insurance company sued alone will try to move the case into Federal Court. In Florida, the injured party usually has a much better chance of a better recovery, (and it is a less complicated lawsuit) in State Court. This is something that your lawyer is hopefully knowledgeable about and will advise you upon.
For more information on Minimum Auto Insurance Coverage In Florida, a no obligation consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 251-1000 today.