Insurance regulations vary from one state to the next, and it’s important that you have the right knowledge and information on hand so that you can make sound decisions about what kind of insurance coverage you need, and what you don’t. Car insurance for Florida has its own regulations, as declared by the Florida Department Highway Safety and Motor Vehicles. Take a look below at 5 specific rules and regulations about auto insurance in Florida that every driver and consumer needs to be aware of.
1. Minimum PIP Coverage: The state of Florida requires minimum Personal Injury Protection, or PIP, coverage of $10,000. PIP is a no-fault policy, which means that whether or not you caused an accident, you are covered up to the policy limit for injuries you or members of your household sustain. PIP usually also covers individuals in your car without their own PIP protection.
2. Minimum PDL Liability: Auto insurance in Florida also requires a Property Damage Liability (PDL) coverage minimum of $10,000. This is the coverage you need to pay for damage caused to another person’s vehicle or other property as the result of an accident that you are declared to have caused or are otherwise liable for.
3. Florida-only Insurance: The regulations for car insurance for Florida dictate that your insurance policy must be delivered by a company licensed by the Florida Department of Financial Services, and must be obtained by an agent or company otherwise licensed to provide that insurance. This means that you cannot maintain a policy that was previously issued to you in another state.
4. Penalties: Without proper insurance your driving license can be suspended until you obtain the proper coverage. Reinstatement fees then would apply, and can cost up to $150 to begin with, and can eventually total up to $500 or more for additional violations.
5. Business & Part-Time Residency: Even part-time residents, or individuals in the state for business for more than 90 days in a 1-year period, need full-time, year-round auto insurance in Florida. The 90 days do not have to be consecutive, and the vehicle does not have to be used. Either way, you need coverage on the registered vehicle.
Hopefully by now you have a better understanding of some of the basic rules and regulations regarding car insurance for Florida. Each state has its own unique rules, and also enforces them differently, so be sure that you’re compliant in order to avoid any hassle and legal trouble.