You are not fully covered by your auto-insurance policy if you stick to the legal minimums. Every auto insurance policy is required to provide $10,000 in Personal Injury Protection benefit and $10,000 in property damage – covering damages to the property of another, i.e. not your car…that’s it. But what if you get into a more serious accident? Don’t forget to protect yourself.
Uninsured Motorist (UM) Coverage: You may be a terrific driver, but that says nothing about everyone else on the road. Very often, the other motorist in a car accident has: (a) very limited liability coverage; (b) no liability coverage (according to the Insurance Research Council, about 1 in 6 drivers in Florida have absolutely no coverage at all); or (c) cannot be identified (read hit and run). In any case, you want a UM policy that will cover the other accident-causing party’s insurance-coverage shortfalls. UM protects you, your passengers and other named persons on the insurance policy for injuries (up to your elected coverage amount) sustained in these situations. We highly suggest having as much UM coverage as you can afford. In fact, it is so important, your Florida auto-insurance provider is required by law to offer you uninsured motorist insurance. In order to deny or waive UM, you have to actually sign a statement verifying that you are declining UM coverage on your policy.
There are additional insurance options available (e.g. MedPay – to cover additional medical expenses; and Excess/Umbrella coverages), but these are topics for another posting.
Talk to your car insurance company today about adjusting your basic coverages if you now feel you are under-protected. Your insurance representative can also explain some of the other coverage types available to you.