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No Fault Insurance in Florida

With nearly 13.5 million licensed drivers, regulations for no fault insurance in Florida are designed to protect drivers, passengers and pedestrians. While no fault insurance in Florida provides drivers with more coverage options than other states, the regulations for no fault insurance in Florida are inflexible and failure to carry no fault insurance in Florida results in severe penalties.

Stats

Premiums for no fault insurance in Florida are recognized as being more expensive than coverages in other states. Recent studies show the average premium for no fault insurance in Florida is nearly $1800 a year, accounting for nearly 4% of household incomes. These figures place no fault insurance in Florida as the 10th most expensive state to insure vehicles. Statistics show why no fault insurance in Florida is higher than most:

  • Florida has the 3rd highest total population of licensed drivers in the U.S.
  • 24% of resident drivers fail to carry no fault insurance in Florida.
  • Claims for no fault insurance in Florida have experienced noticeable increases in fraudulent activity.
  • Carriers of no fault insurance in Florida pay out more than 90% of collected premium on PIP claims.



Coverages

No-fault insurance in Florida does not require drivers to carry bodily injury liability or uninsured motorist coverages. Drivers are only required to carry PIP and property damage liability (PDL) to comply with no fault insurance in Florida regulations. However, regulations for no fault insurance in Florida require drivers to be financially responsible for injuries they cause while driving. As a result, bodily injury liability is a good coverage to carry on the no fault insurance in Florida policy.

No Fault Insurance in Florida Options

Auto insurance is just one way to meet regulations for no fault insurance in Florida. Drivers can also choose to self-insure or submit a surety bond to meet the regulations for no fault insurance in Florida. Drivers choosing self-insurance for no fault insurance in Florida must submit a net worth statement of $40,000 or more, their license information and self-insurance application to meet the regulations of no fault insurance in Florida. Drivers choosing the surety bond option for no fault insurance in Florida must present their authorized surety bond, license information and completed application to use the surety bond to meet the regulations of the no fault insurance in Florida requirements. Applications for No fault insurance in Florida must be submitted to and approved by the Florida Department of Highway Safety and Motor Vehicles.

Motor Vehicles and No Fault Insurance in Florida

Driving without no fault insurance in Florida is a serious offense resulting in license suspensions and fees. Drivers failing to carry no fault insurance in Florida are subject to immediate suspensions for up to three years. Once noncompliant drivers comply with the requirements of no fault insurance in Florida, drivers must submit proof that they have no fault insurance in Florida and pay a reinstatement fee ranging from $150 to $500.