Florida no fault car insurance
Overview: Driving without enough auto insurance can be hazardous in more ways than one. An accident may not only cause you physical damage but once you are through with it, it can keep biting you given the high hospital/medical expenses incurred. Added to it are the legal issues related to it which can cost you dear financially along with wastage of your time and energy as well.
This fact is particularly true in the case of Florida where no-fault law is in force which makes sure that every licensed car driver has at least a minimum required car insurance cover which could be used towards compensating the eligible, should an accident takes place due to the negligence of the driver in question. The minimum auto insurance cover that is to be carried by every driver in Florida is designed on the basis of the Florida financial responsibility law along with the no-fault law.
No-fault coverage
No-fault insurance is that auto coverage which requires the drivers to have insurance for their own protection at the same time limiting their chance to file a case against other drivers for damages.
No-fault coverage is often misunderstood as that coverage in which the losses that result from an accident are completely compensated by the car insurance provider irrespective of who caused the accident. In fact, no-fault coverage only pays for those expenses related to injuries sustained in an accident. Also known as the Basic Economic Loss Benefits, no-fault insurance is the PIP or the personal injury protection which covers expenses such as medical/hospital expenses, loss of wages and cost of funeral in the event of death.
As per the no-fault law, the auto insurance requirements in Florida are
$10,000 worth personal injury protection for one person per crash
Property damage liability of at least $10,000 per crash
Medical benefits under the Florida no-fault law The no-fault law states that those insurance companies which provide PIP coverage should compensate the insured as mentioned below.
80% of all medical expenses like those for surgery, X-ray, dental, rehabilitation, and hospital and nursing charges. Remedial treatment and services that are recognized under law are also included for those injured individuals who believe in healing through prayers according to his/her belief.
Medical payment coverage This is entirely distinct from PIP benefits. Medical payment coverage pays the remaining 20% of the total medical expenses incurred. Once the PIP coverage is exhausted, the Medical Payment coverage will start to pay for the full amount of the medical expenses incurred until its exhaustion
How to prove your financial responsibility
You may employ any of the following methods to prove your financial responsibility in Florida.
You may buy a liability insurance policy from a licensed insurance provider.
You may submit a surety bond with an insurance company licensed in Florida and thereby get a financial responsibility certificate from the Bureau of financial responsibility.
Get a self insurance certificate from the bureau of financial responsibility by submitting proof of having a net encumbered capital.
Penalties and fines
Failure to provide sufficient proof of you having the minimum auto insurance in Florida can invite suspension of you driving license, the registration of your vehicle along with other driving privileges by the FDHSMV (Florida department of highway safety and motor vehicles). The reinstatement fee for getting back you registration and license will be anywhere between $150 and $500.
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