In Florida, you must carry:
- a minimum of $10,000 of personal injury protection (PIP).
- $10,000 of property damage liability.
PIP covers you in an accident regardless of fault. The usual coverage amount is $10,000. PIP pays:
- 80 percent of reasonable medical expenses.
- 60 percent of lost wages.
- all reasonable expenses for replacement services such as child care, housework and yard cleaning.
- a $5,000 death benefit.
Property damage liability:
- pays for damage to property owned by others caused by you or the driver of your vehicle.
- covers property such as fences, utility poles, buildings, automobiles, or any other property of value.
Bodily injury liability:
- is not mandated by Florida law unless you have demonstrated financial irresponsibility following a previous accident.
- is strongly recommended.
- has minimum coverage limits of $10,000 per person and $20,000 per occurrence, but higher limits should be considered.
Factors That Affect Premiums
Insurance companies use a variety of factors to determine a policyholder's likelihood of experiencing an accident or loss. Such factors include:
- driving history
- type of vehicle (including model, year and value)
- territory (where you keep and drive the vehicle, road conditions, the number of accidents in that area, etc.)
- usage (your annual mileage and whether you use the vehicle for pleasure, commuting to work, or for business or commercial use)
- credit history