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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)
• gender & age
• multi-policy discounts.
• credit history

Bodily Injury Liability

This coverage pays for death or serious and permanent injury to others when you are legally liable for an accident involving your automobile. Your insurance company will pay for injuries up to the limits of your policy and provide legal representation if you get sued. In particular, your insurance company may pay for injuries caused by you or anyone covered by your policy, even when driving someone else’s vehicle. Your policy may also cover others who drive your automobile with your permission.

Uninsured/Underinsured Motorist (UM)

This coverage pays for bodily injuries to you, your family members and any other person occupying your covered automobile, should they be caused by the negligence of an uninsured or underinsured motorist. The following are examples in which UM coverage may apply:

• if the at-fault party has no liability insurance
• if the at-fault party has liability coverage inadequate to pay for the injuries incurred or
• if injuries result from a hit-and-run vehicle.

UM pays for medical expenses and lost wages (after your PIP coverage is exhausted) that you and your passengers may incur. This coverage also includes payment for pain and suffering if you have a permanent injury or death. Uninsured motorist insurance comes in stackable and non-stackable coverage. Companies must offer stackable coverage, but may or may not offer a non-stackable option.

Stackable

Stackable coverage means that you may combine the coverage limits for each automobile insured under your policy. For example, you may insure three autos and obtain stackable coverage with limits of $10,000 per person and $20,000 per accident for each auto (known as 10/20 limits). Your stackable, or combined, coverage will total $30,000 per person and $60,000 per accident (see example). If these policies were non-stackable, then the limit of coverage for each vehicle would be $10,000 per person and $20,000 per accident. Insurance companies may offer non-stackable coverage at a reduced cost, since they will only pay the maximum amount allowed for one insured automobile.

Personal Injury Protection or PIP

(also called no-fault coverage) Lawmakers designed PIP to help reduce the need for Floridians to sue to cover injuries resulting from automobile accidents. If you get into an automobile accident, PIP covers you up to the limits of your PIP coverage, regardless of fault. The “at fault” party is the person(s) determined to be the cause of the accident. Your PIP will cover your child, if that child is a resident of your household, and other resident members of your household. It also covers your child if he or she suffers an injury while riding a school bus. PIP pays:

• 80 percent of “medically necessary” expenses
• 60 percent of lost wages
• 100 percent of replacement services such as child care, housekeeping or yard work and
• $5,000 for death benefits. For a higher premium, you may (in some cases)
• amend your PIP to increase medical expenses to 100 percent and lost wages to 80 percent; or
• increase your minimum limits from $10,000 to $20,000 or more. Some companies do not offer increased limits, but will offer other options. For accidents occurring in Florida, PIP covers you and members of your household who do not own a vehicle of their own, certain passengers who lack PIP, and certain licensed drivers who drive your vehicle with your permission. People riding in your vehicle who carry PIP will receive coverage under their own PIP for their injuries. Your PIP will cover a person injured in your vehicle who otherwise lacks access to PIP or does not own a vehicle. However, your PIP will not cover an injured person who owns a vehicle but lacks PIP.

In Florida, this coverage protects you while in your own or someone else’s vehicle. It also protects you as a pedestrian or bicyclist if you suffer an injury in an accident involving a motor vehicle while in the state of Florida. PIP covers only you and other members of your household for accidents occurring outside Florida but within the United States or Canada. In such cases, you must be driving or riding in your own vehicle. PIP does not cover persons other than you and members of your household.

Medical Payments

This coverage pays for medical expenses for accidental injury up to the limit of your policy. It covers your medical expenses, plus those of your family members or passengers, regardless of fault (unlike bodily injury liability insurance). It applies whether you are in your automobile or someone else’s, or if you are hit by an automobile while walking or bicycling. Since PIP covers only 80 percent of medical expenses, medical payments insurance could cover the remaining 20 percent, and possibly the PIP deductible, depending on the policy provisions. Medical payments will also cover the amount in excess of the PIP limit, up to the limit of the medical payments benefits.

Collision

This coverage pays for repair or replacement of your vehicle if it collides with another vehicle, flips over or crashes into an object, regardless of who causes the accident. It does not cover injuries to people or damage to property other than your covered automobile.

Comprehensive

This coverage pays for losses from incidents other than a collision, such as fire, theft, windstorm, vandalism or flood. It also covers damages caused by falling objects or hitting an animal.

Your insurance company will not charge you a deductible for windshield replacement under comprehensive coverage. Florida law requires this waiver to encourage drivers to replace cracked or broken windshields immediately to avoid a major driving hazard.

Towing

You may add towing and road service to your auto insurance.

Rental Reimbursement

You may receive reimbursement for auto rental up to a specified limit, which is contained in your policy. It applies if you get into an accident with your own automobile and can no longer drive it. If another driver causes an accident, the at-fault party’s liability coverage may reimburse you for renting a vehicle similar to your own. Although the other party’s insurance company might have a maximum amount per day that it will pay. In most cases you must buy collision coverage before you can buy rental reimbursement.

What if I Finance My Vehicle?

You may have to buy comprehensive and collision insurance if you finance your vehicle. A lending institution cannot require you to buy insurance from a particular insurance company, agent or lender. (Some lending institutions market coverage actually issued by insurers.) Most loan agreements require insurance to protect a financed vehicle. If you do not maintain coverage, the lending institution will buy insurance to protect its interests, but must give you prior notification. The lender may then add the insurance premium cost to your loan by increasing the number and/or amount of your monthly payments. Generally, you pay less when you buy your own coverage. You should keep coverage records until you pay off your debt and receive the title. Keep proof of coverage in your automobile, since you may need it at any time. What if I Lease My Vehicle? You must meet certain insurance requirements if you lease a vehicle for more than one year in Florida. State law requires you to carry one of the following coverage plans:• Bodily injury liability of at least $100,000 per person, $300,000 per occurrence and $50,000 of property damage liability or• Combined bodily injury and property damage liability of at least $500,000.What if I Drive a Motorcycle? Insurance companies do not offer PIP for motorcycle owners. However, you may buy any other type of insurance coverage, including medical payments.

What About Part-Time Residents, Military Personnel and Salespeople?

Any person who has a motor vehicle in Florida for more than 90 days during a 365-day period must buy PIP and PDL insurance. The 90 days need not occur consecutively. If you use your personal car for a commercial or business purpose, even for part-time pizza deliveries, your insurance company may not pay your claim if you are involved in an accident. Check with your insurance agent to learn the specific limitations of your policy. If you are in the military and have a Florida vehicle garaged out of state, send a copy of your orders and a copy of the insurance policy in the state in which you are based to the Florida Department of Highway Safety and Motor Vehicles. This will prevent the suspension of your tag and license.

What if I Recently Moved to Florida?

As a new Florida resident, you should find an honest and reputable Florida auto insurance agent to help you. Contact your local driver license office for information on obtaining a driver license and auto registration.

Source:

Department of Financial Services http://www.fldfs.com