Florida Auto Insurance
Florida auto insurance is required for any motorized vehicle registered with the Florida Department of Highway Safety and Motor Vehicles (DHSMV)- most often referred to as the Florida DMV.
Florida Auto Insurance Requirements
The state has established a law called the Financial Responsibility Law which establishes minimum coverage standards in the event that you cause an accident or inflict harm to others while driving. This coverage is for other people’s propery (vehicles or other damaged property as a result) and other people themselves.
The Florida minimum coverage(s) in accordance with the financial responsibility law are as follows:
- Bodily Injury (BIL) liability:
- $10,000 for 1 person.
- $20,000 for 2 or more people.
- Property Damage Liability:
- $10,000
Again, the state of Florida requires the above in accordance with the Financial Responsibility Law and you must present proof of this if stopped. Failure to comply with the Financial Responsibility law normally results in suspension of your drivers license and loss of your registration tags for up to 3 years!
Another law that the state of Florida has established for auto insurance is called the No-Fault Law or Personal Injury Protection (PIP). With the no fault insurance you are required to maintain minimum coverage to pay for yourself if you are bodily injured. Your insurance company will make the payments for you if hurt no matter who was at fault… hence the name ‘no fault’ insurance.
Many states are adopting a no-fault insurance law due to easier claims processing and reduced costs.
Florida No-Fault Auto Insurance Requirements:
- $10,000 Personal Injury Protection (PIP)
- $10,000 Property Damage Liability (PDL)