Purchasing insurance is always a gamble, but when you compare it to a game like roulette, your investment is very small and your potential winnings are huge. Many types of insurance are inexpensive to purchase, but can save you a tremendous amount of money in the event of a car accident.
In Florida you are required to purchase "full coverage" insurance, which includes Personal Injury Protection (PIP) and Property Damage Liability (PDL). PIP covers 80% of your medical expenses and 60% of your lost wages up to $10,000. PDL covers damage you may do to another person's car (or other property) in an accident due to your own negligence.
Other coverage you may purchase includes: Medical Payment (Med Pay) coverage, Uninsured Motorist (UM) coverage, and Bodily Injury Liability (BIL) insurance.
Med Pay coverage supplements your PIP coverage by paying 100% of your medical expenses. This, in turn, can ensure that PIP is used only for lost wages until your Med Pay coverage is exhausted.
UM insurance protects you in the event you are hit by an uninsured (or underinsured) motorist. Despite requirements for insurance, there are many uninsured drivers on the road, and this coverage can protect you and your family in the event you are struck by one.
BIL insurance protects you from having to pay for serious injuries suffered by another person in a car accident that is attributed to your negligence. If you do not have this coverage, the other party may seek compensation from you in a car accident injury lawsuit.
The time to evaluate your insurance coverage is before you are involved in an accident that results in serious injury to yourself or others. However, if you or others have suffered serious injury in a car accident and you need advice on how to utilize your coverage and protect yourself and your family, please contact the Luhrsen Law Group in Sarasota, Florida today for a free consultation.
