The amount of Uninsured and/or Underinsured Motorists (U/U Ms) in Florida is like that of no other state. The unfortunate truth is that Florida’s high level of U/U Ms continues to grow with no real light at the end of the tunnel in the way of a solution to the problem. There has been studies conducted which have shown the decline in the economy has directly affected the decrease in the amount of drivers who continue to pay for auto insurance. Across the nation, Florida remains in the top five states with the most U/U Ms, at over twenty percent of drivers falling in this category. The correlation between U/U Ms can be traced to the unemployment rate that Florida has struggled with.
There are laws in place in Florida which make it a requirement for drivers to carry Personal Injury Protection coverage, or PIP, as well as property damage liability coverage. PIP is in place to provide medical benefits up to ten thousand dollars ($10,000.00) to those injured in an accident regardless of fault. The number of drivers in Florida who do not carry the minimum coverage required by law is actually relatively low for the most part. The real issue involving U/U Ms is their lack of Bodily Injury coverage which is used to pay a victim for injuries. When a driver is at fault for an auto accident, they are liable to you for the medical expenses you incurred as a result of any sustained injuries. Bodily injury coverage is not mandatory in Florida. A person purchases this type of insurance when they are attempting to protect certain assets they may have, and if they feel there is nothing to protect, they may elect not to purchase it at all.
There are drivers who purchase bodily injury coverage at a policy minimum, or less than what is offered at a maximum by their insurance company. In these situations, if their actions cause you an injury, and your expenses exceed their policy limits, you will be left responsible for the difference. In order to make sure you are not left having to pay out-of-pocket for your remaining medical bills, you as an insured driver can purchase uninsured/underinsured motorists coverage. This will ensure that you are covered when another party causes you injury and is either uninsured, or does not have enough coverage to cover your medical bills.
Insurance companies are required by Florida Law to offer you uninsured/underinsured motorist coverage. The addition of this type of coverage does not generally cost very much, and can potentially save you thousands if you were ever hit and injured by one of Florida’s many uninsured or underinsured drivers.
The legal team at Madalon Law knows very well the importance of uninsured/underinsured motorist coverage and how it can save you money in certain situations. It is important that you protect yourself where other drivers will be unable to. Call Madalon Law today with any questions or concerns you may have with purchasing or making a claim for uninsured/underinsured coverage.