Florida Auto Insurance Rates

Florida is one of the few states in the US that require no-fault automobile insurance rather than standard tort (adversarial) insurance to drive in the state. This type of insurance is intended to reduce costs for automobile insurance by reducing adversarial payment for bodily injury in accidents.

No-fault automobile insurance allows individuals to be paid for bodily injury by their own insurance company regardless of fault assigned in the accident or incident that caused the injury.

No-fault bypasses much of the legal process of assigning blame to individuals involved in car accidents.

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Florida Office of Insurance Regulation

The Florida Office of Insurance Regulation (FLOIR) manages the enforcement of regulations and arranges for enforcement of statutes with regard to insurance in Florida. This website gives information about rates, companies, industry data, and provides consumer resources for Floridians.

Legal Requirements for Auto Insurance in Florida

Drivers in Florida are required to carry the following minimums of insurance:

• $10,000 in personal injury protection (PIP) benefits- PIP benefits pays for medical expenses and non-medical-costs associated with the accident- these benefits apply to the policyholder.
• $10,000 in property damage liability (PDL) benefits- PDL benefits pays for property damage to property belonging to the policyholder.

Unlike many other states, Florida does not require that drivers purchase bodily injury liability (BIL), which pays for the cost of injury to others if an accident occurs.

Uninsured and underinsured motorists coverage is required to be offered to individuals purchasing auto insurance in Florida. If this coverage is refused, it must be done in writing. Uninsured motorists coverage offers additional PIP coverage if you have an accident with someone without insurance or lacking enough insurance.

Penalties for Driving Without Insurance in Florida

Florida has substantial penalties for driving without insurance. When you purchase auto insurance in Florida, the information is filed with the state department of insurance and your insurance company is required to notify the state if your insurance lapses or fails to be renewed.

If you are caught driving without insurance or not continuing insurance, the following penalties apply:

• Suspension of license, plates, and registration – a fee of $150 applies to reinstate these once you provide proof of insurance
• Subsequent suspensions increase the reinstatement fee to $250 and then $500 for the third offense within three years

Note that you must provide evidence that your replacement insurance must be dated on the same day as your previous policy lapsed.

Suggested Additional Insurance

Even though PIP (no-fault) coverage is designed to reduce the incidents in which a victim of an accident must sue for reimbursement for medical bills and related bills, ten thousand dollars is not enough to defray the massive costs incurred when someone is permanently injured or killed in an automobile accident.

Florida drivers are not allowed to bring lawsuits against other drivers except in certain circumstances. You may access news and debate about the benefits of this by clicking on the Florida insurance website.

Many drivers in Florida purchase additional insurance to further protect themselves:

• Bodily injury liability – at least $100,000 per person and $300,000 per accident
• Property damage liability - $50,000 per accident
• Medical payments coverage - $10,000 per accident
• Rental reimbursement coverage
• Accidental death and dismemberment

Physical Damage Coverage for Your Own Vehicle

Since Florida only requires $10,000 of coverage for property damage to your own vehicle, the lender for your vehicle will likely request that you purchase the following:

• Comprehensive insurance coverage – a $500 deductible is ordinarily purchased. In Florida this deductible does not apply to glass coverage to encourage individuals to repair their windshields. Comprehensive coverage pays for such things as fire, windstorm, vandalism, flood, falling objects, or hitting an animal.
• Collision insurance coverage – again ordinarily with a $500 deductible, pays for repairs to your car if it hits another car, crashes into an object, or turns over.

Saving Money on Insurance

The most reliable way of saving money on insurance is to obtain comparative quotations for your car insurance. Premiums vary widely from company to company depending upon their experience in the insurance market. Insurance in rural areas is often less expensive than that in urban centers.

A number of other factors can affect your insurance premiums:

• Driving record
• Presence of teen or young drivers in your household
• Credit rating – see this article about insurance and credit rates
• Type of automobile you drive
• Previous claims

Various discounts are available, depending upon the insurance carrier. See this publication by the NAIC "Consumer Guide to Auto Insurance." This publication has some excellent tips and information about auto insurance.

Insurance Companies and Agencies

Be sure to know the insurance company, its reputation and financial stability, as well as its record in Florida before purchasing insurance. You can access this information on the Florida Office of Insurance Regulation's website.

Another easy way to find out about an insurance company is to ask your friends, family, and neighbors about their experience with insurers.

Both agents and insurance companies are required to be licensed to sell insurance in Florida. You can check the complaints against an insurance agent or company or other non-private information by contacting the Florida Office of Insurance Regulation.

Comparing Insurance Premiums

A relatively easy method of comparing insurance premiums is by accessing the CHOICES tool on the state insurance website to compare premiums. This tool gives estimated rates for various types of insurance. For auto insurance, click on the auto icon.

Recognize that this tool does not give an accurate quotation about auto insurance; it just provides estimated premiums based upon:

• Demographic features – age, marital status, family, location
• Type of vehicle insured
• Type of coverage
• Amount of coverage

For accurate quotations, you must approach insurance companies and agents directly.

For comparing prices, the following individuals were posited:

• Married couple 70 and 65 years old
• Living in Osceola County, Florida

For basic PIP and PD coverage, premiums vary from $165 to $l,672 by company. Adding bodily injury, uninsured/underinsured motorists, medical payments, and damage to the owner's personal vehicle increases premiums to vary from $733 to $3,547 by company.

For advice on coverage, consult the Florida Department of Financial Services' publication called, "Automobile Insurance, a Toolkit for Consumers". This publication is an excellent overview of automobile insurance in Florida, dealing with the combination of PIP (no-fault) and other, more extensive coverage, to protect you and your family.

Accurate Quotations

To get an accurate quotation from a Florida insurance company, collect the following information and be prepared to enter it onto an online form:

• Full name, date of birth, drivers license number, and recent (within 3-5 years) driving record for all drivers
• Home address
• Usage of automobile – for example: commute to school 15 miles one way, pleasure only, commute to work 30 miles one way
• Ownership of vehicle – leased, owned – but paying on it, and totally owned.
• Indicate primary driver of each vehicle
• The expiration date of your current policy
• Make, model, and VIN number for all vehicles

Note that insurance companies ask for such things as your social security number, phone number, and e-mail address. Many individuals are reluctant to put their social security number indiscriminately online and this is acceptable as long as you realize that your quotation may be inaccurate.

Phone numbers are ordinarily used to follow up on quotations and ask questions. Entering your e-mail address does not ordinarily mean that you will get spam. This enables the company to contact you by e-mail rather than phone call.

Schedule Yearly Comparisons of Insurance Premiums

Choose to examine your insurance premiums and obtain comparative quotes on a yearly basis. Because the statistical performances of insurance companies vary, their rates may vary also. Sometimes a bad year for an insurance company is reflected by premium increases.

Be an informed consumer by reading and following the links set. A wealth of information is available through not only your insurance representative, but also the online presence of the state of Florida.

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