Florida State No Fault Insurance
What is Florida State No Fault Insurance?
Florida State No Fault Insurance, also known as Personal Injury Protection (PIP) is a type of coverage required of all drivers in the state of Florida. The purpose of PIP is to provide financial protection to you in the event that you or a passenger in your vehicle is injured in a motor vehicle accident. PIP covers the cost of medical expenses, lost wages and other expenses related to the accident, such as funeral expenses, regardless of who is at fault for the accident. It is important to note that PIP does not cover damage to your vehicle, property damage or any other type of liability, so it is important to have additional coverage to make sure you are fully protected.
What Does Florida No Fault Insurance Cover?
Florida No Fault Insurance covers the medical bills and other expenses related to an accident that is the result of a motor vehicle accident. This includes medical expenses, lost wages, funeral expenses, and other related expenses such as transportation to and from medical appointments. PIP also covers the cost of rehabilitation, if necessary. The amount of coverage you have will depend on the policy you purchase, but typically PIP will cover up to 80% of your medical expenses and up to 60% of your lost wages.
What is the Minimum Amount of Coverage Required in Florida?
The minimum amount of coverage required for Florida No Fault Insurance is $10,000. This amount is intended to cover medical expenses and lost wages up to the amount of coverage purchased. It is important to note that this is the minimum amount of coverage and you may need to purchase additional coverage to make sure you are fully protected in the event of an accident. It is also important to keep in mind that the cost of the coverage varies depending on the amount of coverage you purchase.
What Else Should You Know About Florida No Fault Insurance?
In addition to the financial benefits of having Florida No Fault Insurance, it is also important to understand that it is also a way to protect yourself in the event of a lawsuit. If you are sued by someone involved in a motor vehicle accident that you were involved in, you are not personally liable for the damages or injuries caused by the accident. This is because the PIP coverage that you purchased is designed to cover these expenses.
How Can You Get the Best Rate on Florida No Fault Insurance?
When shopping for Florida No Fault Insurance, it is important to understand that the amount of coverage you purchase will affect the cost of the policy. Be sure to shop around and compare rates from different companies to find the best rate. You should also consider additional coverage such as uninsured/underinsured motorist coverage, which will provide additional protection if you are involved in an accident with an uninsured or underinsured driver. Additionally, if you have a clean driving record and a good credit score, you may qualify for discounts on your policy.
Conclusion
Florida No Fault Insurance is required of all drivers in the state of Florida, and it provides financial protection in the event of a motor vehicle accident. It covers the cost of medical expenses, lost wages, and other related expenses, regardless of who is at fault for the accident. When shopping for a policy, it is important to compare rates from multiple companies and to add additional coverage such as uninsured/underinsured motorist coverage, to ensure that you are fully protected in the event of an accident.
