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AUTOMOBILE INSURANCE TOOLKIT Automobile Insurance Toolkit

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AUTOMOBILE INSURANCE TOOLKIT Automobile Insurance Toolkit Florida Department of Financial Services AUTOMOBILE INSURANCE TOOLKIT Automobile Insurance Toolkit Insurance coverage is an integral part of a solid financial foundation. Insurance can help us recover financially after illness, accidents, natural disasters or even the death of a loved one. There are a wide variety of insurance products available and choosing the correct type and amount of coverage can be a challenge. This toolkit provides information to assist you with insuring your automobile and tips for settling an automobile insurance claim. TABLE OF CONTENTS Click a title or page number to navigate to a section. 01 Coverages & Minimum Requirements - 4 Coverage Descriptions - 5 Insurance Requirements for Special Cases - 8 02 Underwriting Guidelines - 11 Underwriting Factors That Cannot Affect Your Ability to Purchase Insurance - 11 Underwriting Factors That Affect Your Insurance Policy Premium - 12 Other Factors Affecting Your Premiums - 13 Shopping for Auto Insurance - 13 03 Automobile Claims - 14 Actions to Take Before and After an Auto Accident - 14 Disputing Claim Settlements - 16 04 Shopping for Coverage Checklist - 17 01 Coverages & Minimum Requirements In Florida, vehicle owners may be required to The second type of auto insurance is outlined in the purchase two types of auto insurance. Florida Financial Responsibility Law. It requires drivers The first type of auto insurance is outlined in the who have caused accidents involving bodily injury/death Florida Motor Vehicle No-Fault Law (s. 627.736, Florida or received certain citations, to purchase bodily injury Statutes). It requires every person who registers a liability (BI) coverage with minimum limits of $10,000 vehicle in Florida to provide proof they have personal per person and $20,000 per accident, referred to as injury protection (PIP) and property damage liability split limits. You may purchase a policy that covers both (PD), with minimum limits of $10,000 each. PIP covers types of insurance required with a single limit of at injuries you and certain others may incur in an auto least $30,000. Drivers convicted of driving under the accident, regardless of fault. PD covers your liability influence must purchase BI coverage in the amount of if you damage property belonging to someone else in an auto accident. Examples might include another $100,000/$300,000 and $50,000 in PD liability. person’s vehicle, a telephone pole or a building. The reason for the Florida Financial Responsibility Individuals who are in the State of Florida with their Law is to require owners or operators of motor vehicle for more than 90 days in the last 365 days vehicles to be financially responsible for damages must carry these minimum limits of coverage. It is and/or injuries they may cause to others in an auto important to note that the 90 days do not need to be accident. The failure to be financially responsible consecutive in order for the law to apply. Questions may result in the loss of driving privileges in Florida. about titling or registering your vehicle or further clarification on how Florida’s auto insurance laws apply Although there are other ways to prove financial to you should be directed to the Florida Department responsibility that are acceptable to the Florida of Highway Safety and Motor Vehicles. You may visit Department of Highway Safety and Motor Vehicles, them online at www.flhsmv.gov or call (850) 617-2000. our publication deals strictly with insurance. 4 | Automobile Insurance Toolkit Table of Contents When referring to BI limits of liability, the first number Coverage Descriptions represents the maximum amount of coverage you have Bodily Injury Liability (BI) for each individual injured in a given accident and the second number is the maximum amount of coverage This coverage protects you for injuries or death to available to all injured persons in that accident. someone else that you are legally liable for resulting from a motor vehicle accident. As the owner of a Let’s look at an example. vehicle, anytime an accident occurs involving your You cause an accident and there are two people insured vehicle (whether or not you are driving), the in the other vehicle. You chose to carry BI possibility exists that you may be held financially limits of $10,000 per person and $20,000 per responsible for any damages. This coverage not occurrence. Person “A” sustained $25,000 dollars only covers the actual loss incurred, it can also in injuries and Person “B” sustained $15,000 provide coverage for your defense if you are sued. in injuries. How will your policy respond? EXAMPLE Person “A” Person “B” Total Injuries: $25,000 $15,000 Their PIP Coverage: $10,000 $10,000 Your Responsibility: $15,000 $5,000 Payment from Insurer: $10,000 $5,000 Making a decision about the amount of coverage you should carry is a personal decision based on many factors. Discussing your coverage needs with a qualified insurance agent can help you better understand your options. It is important to remember that if an accident occurs, and the injuries sustained by another party are beyond the limits of your insurance policy and the injured party has a permanent injury, scarring, disfigurement or is killed, they or their beneficiary may pursue recovery from you through the court system. Property Damage Liability (PD) You may wonder why you need to purchase UM coverage if you have PIP and health insurance since in PD liability pays for damage to another person’s most cases, after your PIP coverage is exhausted, your property caused by you or someone else operating health insurance may pay some of your medical bills. your insured vehicle. Most often this coverage will Most health insurance policies include deductibles and be used to repair the other automobile(s) involved in copayments which are out of pocket expenses for you. an accident with your insured vehicle. It can also be Health insurance normally does not provide coverage used to pay for damage to street signs, mailboxes, for expenses you may incur if you or a covered family buildings or other property owned by another party. member must stay in a convalescent center. In some cases when an injury is severe, permanent, or requires a longer recovery time, it can be important for your Uninsured/Underinsured Motorist (UM) quality of life and financial health to have coverage This coverage is optional but provides very important that will continue to pay for lost wages. Replacement benefits to you and certain others who sustain injuries services may be required like lawn maintenance from an auto accident caused by an uninsured or or housekeeping. Due to your injuries, your home underinsured motorist. The coverage allows you to may require modifications like a wheelchair ramp collect amounts from your own insurance carrier that or your vehicle may require special equipment. you would have been able to collect from the at-fault When purchasing UM, you must make two decisions. party if they had insurance or sufficient insurance You must decide the limits you need and whether limits. It can provide additional medical expenses, lost or not you want stacked or non-stacked coverage. wages, pain and suffering and other expenses that All insurance companies are required to provide might arise when an injury occurs. Once coverage stacked UM with the same limits as your Bodily has been triggered, benefits will be paid directly Injury coverage. Some insurance companies offer the to the injured person, normally in a lump sum. option to purchase lower limits and/or non-stacked Table of Contents Automobile Insurance Toolkit | 5 coverage. Stacked UM coverage means that the limit there are many variables which ultimately determine will increase by the number of vehicles you own, how your policy will respond in a claim situation. regardless of whether or not the vehicles are insured on the same policy. In other words, if you have stacked The following describes situations UM limits of 50/100 and own three vehicles, your when coverage applies: actual coverage is multiplied times three or 150/300. 1. Injuries to named insured: If you elect non-stacked UM at 50/100, that is the maximum coverage available in an accident regardless a. If the accident occurs in Florida, while of how many vehicles you own. Another important occupying any defined motor vehicle or if coverage difference between the stacked and non- struck by a defined motor vehicle while not stacked form is how the policy will respond if you occupying any self-propelled vehicle. are injured by an uninsured/underinsured motorist in a vehicle you own, but do not have insured. In b. If the accident occurs outside of Florida, that case, only the stacked form would respond. while occupying the insured motor vehicle or a vehicle owned by a resident relative, if it is insured for PIP. Personal Injury Protection (PIP) You will often hear Florida referred to as a “No-Fault 2. Injuries to resident relatives of named insured: State.” This means that any time you are injured in a. Covered the same as the named insured. an auto accident you will file your injury claim with For accidents outside of Florida, the your own insurance company, regardless of who is named insured’s benefits apply to the at-fault. However, once an injured person pierces relative only when the relative is occupying the tort threshold, they may seek recovery for costs the named insured’s motor vehicle. not duplicated by PIP from the at-fault party. 3. Persons other than named insured and relatives: Section 627.737, Florida Statutes, states the threshold has been pierced when an injury from a car accident a. If the person is not an owner of a motor results in significant and permanent loss of important vehicle or entitled to benefits from another bodily function, permanent injury, significant or owner’s insurance company and if the accident permanent scarring, disfigurement or death.
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