Pros and Cons of Uninsured and Underinsured Motorist Coverage in Florida
No one wants to be involved in a car accident. However, research suggests that an average person will be involved in a car accident three to four times over the course of their lifetime. For this reason, it is important to plan. One way of planning for the unexpected is by having adequate car insurance coverage. In Florida, there is a minimum coverage required by law. However, the minimum coverage might not be enough to fully protect you in the event of an accident, especially if the other driver does not have insurance or has insufficient insurance. This is where uninsured and underinsured motorist (UM/UIM) coverage comes in. While Florida does not require UM/UIM coverage, this can be a vital safety net for drivers. In this article, we explore the pros and cons of uninsured and underinsured motorist coverage.
Pros of Uninsured and Underinsured Motorist (UM/UIM) Coverage in Florida
The following are some of the advantages of UM/UIM coverage in Florida;
- Protection Against Uninsured Drivers
While car insurance is a legal requirement in Florida, many drivers on the road are uninsured. According to the Insurance Information Institute (III), in 2022, almost 16% of Florida drivers were uninsured. One of the main pros of UM/UIM coverage is that it protects against uninsured drivers. If you are involved in a Florida car accident with an uninsured driver, UM coverage can step in and cover damages that would otherwise go uncovered.
- Protection Against Underinsured Drivers
In addition to uninsured drivers, there are many underinsured drivers on Florida roads. These are drivers who only purchase the legally required minimum coverage. The state’s minimum coverage may not be enough to cover the costs of a serious car accident. UIM coverage ensures that if an at-fault party’s coverage is insufficient to cover all your damages, your policy covers the difference up to the limits you’ve chosen.
- Coverage for Hit-and-Run Accidents
A hit-and-run accident arises when a driver hits you and flees the accident scene without exchanging information. UM/UIM coverage generally covers hit-and-run accidents. UM/UIM coverage can be particularly valuable in Florida, where hit-and-run accidents are unfortunately common.
- Coverage Extends to Passengers
UM/UIM coverage typically extends to any passengers in the policyholder’s vehicle at the time of the accident. If your passengers are injured in an accident involving an uninsured or underinsured motorist, your UM/UIM policy can cover their injuries and damages as well.
Cons of UM/UIM Coverage in Florida
The primary drawback of obtaining uninsured and underinsured motorist coverage is that it increases your insurance premiums. For drivers already struggling to afford car insurance premiums, the additional monthly premiums may be burdensome. However, the additional cost is often relatively modest compared to the potential benefits. Also, you have the option of choosing lower limits to keep your monthly premium lower.
Do I Need UM/UIM Coverage?
Yes, you likely need UM/UIM coverage, especially in the Sunshine State, where a large number of drivers are uninsured or underinsured. UM/UIM coverage can also offer financial protection in the event you are involved in a hit-and-run accident. Additionally, this coverage extends to any passengers in your car at the time of the accident.
Legal Help Is Available
For help with a car accident case, contact our Miami personal injury attorneys at The Pendas Law Firm.
The Pendas Law Firm also represents clients in the Ocala, Orlando, Tampa, Jacksonville, Bradenton, Daytona Beach, West Palm Beach, Fort Lauderdale, Fort Myers, Naples, and Melbourne areas.
Source:
leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=0600-0699/0627/Sections/0627.727.html
