According to the Insurance Institute for Highway Safety, in 2020 Florida ranked way above the national average for both deaths from motor vehicle crashes per capita and deaths per vehicle mile traveled. The state suffered over 3,000 traffic fatalities that year.
Many survivors face financial troubles caused by medical bills and lost earning capacity when they discover that the at-fault party in the accident lacks the insurance resources to pay their claim.
Many of these financial hardships can be avoided if the injured driver purchases adequate uninsured motorist coverage.
How Many Florida Drivers Are Uninsured?
Florida ranks number one in the nation for the highest portion of uninsured drivers, which is around 26.70%.
Florida law mandates a minimal auto insurance standard; $10,000 of personal injury protection (PIP) per person and property damage worth at least $10,000. Florida does not require drivers to have liability insurance.
“1 in 4 drivers on Florida roads do not have any car insurance.”
What Does Uninsured Motorist Cover?
Uninsured motorist coverage in Florida protects you after an injury accident with an uninsured driver. Even though Florida is a no-fault state, after you exhaust your PIP coverage, you may need additional funds to pay for medical expenses, lost wages, and more. UM coverage can do just that. An accident can result in medical bills that climb into the hundreds of thousands.
Combine with the fact that one in four drivers in Florida does not have auto insurance, the cost of adding both UM and UIM coverage is small compared to the potentially large bills that often accompany an auto accident.
Uninsured Motorist Coverage Can Pay For:
- Medical expenses, both present and future
- Lost Wages
- Pain and Suffering
- Future loss of earning potential
- Disability costs
What Is Stacking Uninsured Motorist Coverage?
Florida allows stacking if you have a single policy for several cars. For instance, if you purchase UM coverage of $100,000 and have 3 vehicles on the policy, you can “stack” the policy so that there is really $300,000 in coverage. With stacked insurance, you get more coverage for your medical bills and other non-economic expenses, ensuring you minimize out-of-pocket expenses. On the flip side, you must pay more premiums with this type of coverage.
Unstacked insurance is a cheaper alternative that does not allow drivers to stack their uninsured, underinsured motorist coverage. The premiums for your coverage are lower, and the UM limits remain the same for each policy or vehicle that is covered.
Do I Need Uninsured Motorist Coverage If I Have Health Insurance?
Uninsured motorist coverage is not required in Florida, but you stand to gain more if you have it. That’s because your health insurance will pay for your medical bills after an auto accident, but it will not help you recover lost wages or pain and suffering losses. At the same time, your health insurance is subject to your premium limit, plus multiple co-pays and deductibles. Not to forget, if you had passengers in your vehicle at the time of the accident, you might have to pay for their medical costs out of your pocket. So, it is best to have uninsured motorist coverage even if you have health insurance. Plus, you have more treatment options and financial protection.
Does Florida Require Uninsured Motorist Coverage?
In Florida, uninsured motorist coverage is optional. However, we believe it to be a practical necessity.
No one thinks they will be involved in a car accident. However, planning for one is always a good idea. Unfortunately, many drivers do not, and they continue to drive uninsured.
You cannot control the other drivers on the road, so it’s best to control what you can; your insurance coverage. Adding UM or UIM coverage to your policy will ensure you can deal with the financial fallout that often accompanies an auto accident.
For a complimentary review of your Business Auto policy call 844-2GET-INS | 844-243-8467 or contact us
We look forward to helping you protect your business!
