Minimum Florida Car Insurance Requirements May Not Be Sufficient

ORLANDO, Fla., Nov. 25, 2009 -- The state of Florida requires motorists to carry an auto insurance policy consisting of coverage for both personal injury and damage to the property of others. OnlineAutoInsurance.com suggests that consumers consider purchasing higher limits than the minimum requirements due to the fact that the required coverage may be relatively low compared to the cost of medical care and property damage resulting from a traffic accident.

Currently, the Florida car insurance laws requires motorist to maintain a limit of $10,000 for Personal Injury Protection (PIP) and $10,000 for Property Damage Liability (PDL). Both of these limits can be exhausted following the aftermath of a traffic accident and may leave the responsible party liable for any remaining compensation that is due as a result; it may be wise to shop around and compare multiple carriers in order to see if more extensive coverage is affordable to help prevent future financial hardship.

In addition, the minimum requirements do not provide coverage for the vehicle of the policyholder and in the event of a collision, the insured will have to pay for repairs on their own if found responsible for the incident. One should consider adding Comprehensive and Collision to their policy if they would like to cover their automobile and should especially do so if the vehicle is being financed.

Most financial institutions will require that coverage is maintained for physical damage caused to the vehicle being financed as part of a loan agreement. Failure to comply may result in the lender placing a "forced placed" insurance policy covering the lien holder's interest in the automobile. These policies can be charged to the customer and are typically more expensive than if the consumer were to purchase the required coverage on their own and can eliminate incurring costly and unnecessary fees.

If financing a vehicle consumers should be aware that, "While some lending institutions market coverage issued by insurers, they cannot require you to buy insurance from a particular company, agent or lender."

For more information and assistance locating an affordable policy above the Florida state minimum, consumers can visit http://www.onlineautoinsurance.com/florida/ and obtain free rate quotes to begin comparing the cost of more extensive coverage.