The Florida No Fault Law has set the minimal automobile insurance coverage necessities on this sate since 1971. The mandate requires car homeowners to take care of a Personal Injury Protection (PIP) and Property Damage Liability (PD) coverage for all their registered automobiles. The insurance coverage have to be maintained all through the registration interval.
In Florida, the required protection restrict for PIP is $10,000. The insurance coverage pays, no matter fault, for 80% medical bills, 60% misplaced wages, and $5,000 in funeral bills. Covered individuals are the policyholder and different listed drivers. The required restrict for PD is $10,000 and is a profit that pays for an additional individuals property, corresponding to their automobile, if you’re at fault in an accident.
Vehicle homeowners should present proof of insurance coverage at every registration interval. Proof have to be carried always whereas driving the automobile. Insurance firms are required to inform the DMV when a coverage is canceled or not renewed. Failure to conform will lead to driver license and car registration being cancelled. Fees for a Florida license reinstatement as a result of no automobile insurance coverage vary from $150 to $500.
Florida is the one No-Fault state with out a Bodily Injury Liability (BI) protection requirement. Many insurance coverage firms is not going to challenge a coverage restricted to PIP/PD until BI can be bought. Your auto insurance coverage coverage have to be positioned by a licensed Florida agent with an insurance coverage firm licensed to promote insurance policies in Florida. Policyholders can’t cancel their coverage within the first 60 days until different insurance coverage is acquired or the car registration is surrendered.