Do I Have Full Coverage?
Do you really think you have full coverage insurance on your vehicle/vehicles? What do the numbers really mean in your insurance policy? Unfortunately, in the state of Florida, there is no clear definition of what full coverage insurance actually is. In certain cases, full coverage is basically just the bare minimum required by Florida law. In other cases, it could just be a policy that protects the insured/driver from liability.
Insurance Companies and some Law Offices will usually use the term full coverage to describe what in Florida is bare minimum insurance, which is the equivalent to $10,000 of personal injury protection (PIP) and $10,000 of property damage liability (PDL)**. Coverages outside of that are usually deemed as supplemental insurance. Examples of coverages that would fall under supplemental insurance are: rental reimbursements, new car replacement programs, and roadside assistance.
Some important coverages to consider are collision and comprehensive, medical payment, and uninsured/underinsured motorist coverage. A separate article will be written to go into more detail on uninsured motorist, a very important coverage that is usually overlooked and underemphasized by the insurance companies.
The purpose of this article is to help consumers understand that what may be considered full coverage by some may not necessarily cover you in every situation. It is not always necessary for Floridians to get every single coverage that can be added or included on your policy. For example: If you have more than one vehicle in your household, you may not need supplemental insurance like rental reimbursements.
All consumers should review their policies and coverage options every 6 months or so, or when there is a life change. Remember, your financial situation and life changes over time and so should your insurance. Whether it is adding an additional vehicle or increasing your personal injury protection (PIP) coverages, your Insurance coverage should be on your biannual to-do list.