Understanding Auto Insurance: Uninsured And Underinsured Motorist Coverage In Florida
Brian O Sutter
Traffic Accidents
Individuals driving on the roads of Port Charlotte need to carry the necessary auto insurance coverage. As a no-fault state, Florida mandates drivers to have personal injury protection (PIP) and property damage liability coverage. Despite this, many motorists remain uninsured or underinsured.In 2019, Florida ranked sixth-highest state with the most uninsured motorists. Around 20.4% of drivers in the state do not have insurance.
What It Means
For some people, having the state minimum coverage requirement is enough. That is why they view uninsured/underinsured motorist coverage as an unnecessary expense. But that may not always be the case.
Being one of the states with the highest percentage of uninsured motorists means that Florida drivers have a higher risk of getting hit by an uninsured or underinsured driver. Depending on the severity of the accident, your PIP coverage may not be enough to cover all your medical expenses and wage loss. That is where uninsured/underinsured motorist coverage can help.
Uninsured motorist coverage provides monetary benefits if the party at fault does not have an insurance policy to cover the expenses you have incurred due to the accident. Your claims for this coverage will not lead to an increase in premium prices or a penalty. Your insurance company will decide whether to approve your claim or not based on the seriousness of the injuries you have.
On the other hand, underinsured motorist coverage helps when the insurance policy limits of the driver at-fault are not enough to pay for the full extent of the damages you incurred due to the accident. When that happens, you can seek additional damages under your underinsured motorist coverage. Underinsured motorist applies after the insurance coverage of the negligent driver has been exhausted.
Understanding its Limitations
Before you buy uninsured or underinsured motorist coverage, it is important to understand that these types of insurance also have limitations. That is something many drivers fail to remember. Because of this, they end up surprised to learn that the payment from their insurance carrier is less than the amount they have expected.
You need to remember that the maximum amount you are entitled to receive under your uninsured or underinsured motorist coverage will be based on how much liability coverage you have.
For instance, if you have $100,000/$300,000 PIP and you are carrying underinsured/uninsured motorist coverage, your policy can cover only up to $100,000 in bodily injuries per person and $300,000 per accident. These limits also apply in case another party who does not have enough insurance causes an accident wherein you get injured. These are enough to cover multiple injured persons.
What to Do in Case of an Accident
In the event of an accident caused by an uninsured motorist, suing them for compensation is not always the best step. That is especially true if you have underinsured/uninsured motorist coverage anyway.
Instead, you should let your insurance company know about the accident as soon as possible. Let your adjuster know that you are planning on filing a claim. However, it is important to not agree to a settlement immediately.
After an accident, you may feel overwhelmed and stressed. That is why it is best to consult with a professional. A Port Charlotte car crash lawyer can provide you with sound advice to help you get the proper amount of compensation.
Even if your insurance company is supposed to pay you for injuries and damages you incur regardless of who is at fault in the accident, there are instances when insurers do not pay the right amount. In fact, some try to pay as little as possible. Working with a lawyer can prevent this from happening.