As you are probably aware, Florida is a No fault state for car insurance. The principal idea behind the No fault insurance law is to compensate the covered by insurance party in an accident, irrespective of who is at fault. The insurance plan limits and the particular situation will determined what the pay out amount should really be.
In the Sunshine state, the minimum required liability is very low - only $10,000 of personal injury protection (PIP) and $10,000 of property damage liability (PDL). It is not difficult to see that in case of a serious accident, when you need your insurance the most, these limits will hardly be sufficient. Its highly recommended to buy cover well above the required minimum.
The essential information apart, here are three things you may possibly not know about Florida No fault Insurance.
1. You can still take legal action against the at fault driver - Its wrong to assume that you can't take someone to court simply because of the No fault law. Of course, certain conditions must be fulfilled. There are 2 types of thresholds you must be aware of. Verbal threshold, death or significant disfigurement, and monetary threshold - big dollar amounts for medical expenses.
2. If asked, you must agree to independent examination - Independent medical examination is a crucial part that makes the Florida No Fault law work. Its your insurance company's right to select a medical professional and request an unbiased examination. If you decline to be examined than your insurance policy will be terminated.
3. You are not protected 100% by Personal injury protection - Its a widespread mistake to assume that Personal injury protection will cover all medical charges and fees. In reality, PIP only covers 80 percent. Don't forget you have deductible too. Here is a quick illustration.
- Total Medical Expenses:$5,000
- Percentage payable under PIP statute:80 percent
- Benefits due but for the deductible:$4,000
- Less deductible:$1,000
- Benefits payable:$3,000
- Percentage payable under PIP statute:80 percent
- Benefits due but for the deductible:$4,000
- Less deductible:$1,000
- Benefits payable:$3,000
Understanding Florida No Fault insurance law will unquestionably help you find the ideal insurance plan for you. Don't rush to buy an insurance policy until you feel confident you have made the right choice. Ask your insurance broker as many questions as possible. Comparing plans and quotes is the crucial. You need at least 3 from different insurance companies.
For more information and instant quotes please visit Florida No fault and SR22 Insurance. |
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