Florida Auto Insurance Requirements

Each state has its own regulations and laws on what type of insurance coverage it requires its residents to obtain and who is to fix what depending on which party is at fault in the event of an accident. In the state of Florida there is a no-fault law that allows for each vehicle to be covered for only itself and its occupants in the event of an accident. Just because you are responsible for only your vehicle does not give you the right to not carry insurance at all.

Florida’s Financial Responsibility Law regulates how much insurance its residents must carry. The minimum coverage that is required in the state of Florida is required for incidents such as motor vehicle accidents and DUIs. Residents of this state must carry at least $10,000 for a single bodily injury, $20,000 for multiple bodily injury, and $10,000 for property damage liability. The price for getting caught without sufficient insurance in the state of Florida include up to a three year suspension of your driver’s license and vehicle registration in addition to a fee of up to $500.

NONRENEWAL OF POLICY

    If you fail to renew the policy for a vehicle that is registered in the state of Florida, the insurance company is required by law to notify the state. The state will the immediately contact you and ask for proof that you have obtained a new insurance policy. Not sending this proof or not getting insurance on any vehicle owned by you could result in the suspension of your license until you can prove to the state you have either sold the car and no longer own it or you have renewed or obtained a new coverage policy that is in accordance with the minimum laws.