Most people do not understand the concept of uninsured/underinsured motorist coverage. This is perhaps the most important insurance coverage you could purchase to protect yourself and your family.
In Florida, all that is required of a driver to register a car is insurance coverage of $10,000.00 in property damage coverage and no-fault coverage. The $10,000.00 in property damage coverage, pays up to $10,000.00 to anyone else for the their property (including a car, tree, fence, etc.) that is damaged by an accident that you or the driver of your car causes. The no-fault benefit or PIP (Personal Injury Protection Benefit), as it is also known, pays 80% of your medical bills and 60% of your loss wages or a family members loss wages, up to an aggregate of $10,000.00 minus any applicable deductible.
Florida does not require mandatory bodily injury coverage. In other words, if someone else causes an accident, and you are injured, they are not required to have coverage to pay you for your injuries. This is very important. The only way to protect yourself and members of your family, is for you to purchase uninsured/underinsured motorist coverage (UM/UIM).
What is UM/UIM Coverage?
What this means is that you are buying coverage through your own automobile insurance carrier to take the place of or be in addition to the coverage provided by the person who was at fault for the accident. Under Florida law, your own automobile insurance company must offer you UM/UIM coverage up to the limits of the BI (Bodily Injury) coverage that you elect. In other words, if you purchase bodily injury coverage for your car of 25/50 ($25,000 per person/$50,000.00 per occurrence) you are automatically allowed to purchase up to $25,000/$50,0000 in UM/UIM benefits. In addition, if you have more than one car, you can purchase "stackable coverage" which means, that you would have $25,000 in coverage for each car in your household that is covered under the policy. This could dramatically increase the insurance for you and your loved ones at a very reasonable rate. It is an inexpensive way to protect your family.
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