If you live in Florida, you are required to have a minimum account of liability within your policy. In fact, you must have (by law) $10,000 in coverage protection for an accident involving a car with just one person. On top of that, you need $20,000 for an accident having more than one person, as well as additional funds for repairs. Talk about a headache.
You can spare yourself some worry by obtaining a good Florida no fault car insurance policy. What does it mean when we say that Florida is a no fault state? It means that in the unfortunate event of an accident occuring (no matter who is at fault), the insurance company of each driver will pay for the costs involved. This is the reason drivers are required to have a bare minimum of $10,000 for their personal injury protection.
On the bright side of things, the policy will pay for any medical expenses, if they are required (due to the accident). The policy will also pay for certain parts of lost wages and death benefits. The exact amount will vary depending on the situation, but it is somewhere near the 80% mark. This isn't too bad of a deal really.
If you are not the driver and are still involved in an accident, be it as a passenger or a pedestrian, your personal insurance protection will provide you with some benefits. The benefits will even reach out to children of the insured, (if they happen to be injured on a school bus) and passengers who do not have PIP coverage. So as you can see, while the system may not be perfect, it certainly has some qualities.
Not every state requires drivers to have liability insurance coverage. For this reason, it is suggested that anyone who lives in Florida, obtain an underinsured/uninsured policy. This does two essential things. First, it protects you in the event that another motorist's insurance policy is so poor, they cannot afford to pay. Secondly, it will give you peace of mind in a hit and run scenario.
In addition to this, it is also recommended that you pick up collision insurance and comprehensive insurance. This isn't mandatory, but it makes a lot of sense to do and here is why. It will pay for damages to the vehicle, should you be at fault. The accident could involve other vehicles, animals, weather, or non-moving objects such as a light post.
Last but not least, there is an additional offer of gap coverage that many companies provide. Sometimes this is given as a bonus, other times it may require you to pay. Without getting into all the details, it basically will pay the difference on your vehicle, in the scenario that it has been demolished in an accident. So if you have been looking to cover yourself while on the road, now is the perfect time to do so.