Florida Auto
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Car Insurance in Florida ... why you need it ...
Drive down I-95 doing 80 in the exit lane as the guy on your right passes you at 95. And the teenager in front of you is twittering her girlfriend on her mobile device. The new normal. You need to know as much as you can find out about the auto insurance coverage available to you. Know why?
Because
they drive crazy out there (and me too, just to get off the road).
And you want to know about rates of course ... but
don't forget about what the rates actually cover ... and the financial
soundness of the insurance company, that's
important, too ... after all, you want them to have the ability to to pay you if you -- or anyone related to you who lives in your household -- gets into
an accident.
auto insurance company rankings
auto insurance questions:
is Florida a no-fault state for auto insurance ?
why is car insurance so high for teenagers ?
am I required to have auto insurance on a teenager ?
Is Florida a No-Fault state for auto insurance coverage?
Yes. Florida is a no-fault state for auto insurance purposes, along with several others. State laws govern no-fault auto insurance.Generally, no-fault car insurance laws allow drivers to do two things:
First, drivers may recover financial loss under personal injury protection (PIP) policies issued to them by their own insurance carrier – no matter who caused the accident or event.
Second, drivers who have PIP coverage cannot be sued for injuries or pain and suffering as the result of an accident or driving event, except under certain conditions.
Generally, and depending on the language of the policy, no-fault coverage limits driver lawsuits to cases of “severe” injury or to cases where medical bills exceed a dollar amount defined in the law. Also, some states use days of disability resulting from an accident as a threshold event, but Florida does not.
The no-fault system is designed to reduce lawsuits and speed up the claim-paying process.
Florida’s new no-fault auto insurance law, which became effective January 1, 2008, establishes a “severe injury” test that plaintiffs must meet before they can initiate a lawsuit. Severe injury in Florida means loss of major bodily functions, permanent injury, death, significant and permanent scarring or disfigurement. If a driver’s injury doesn’t meet these definitions, that driver is not permitted to sue another person for pain, suffering, or medical expenses.
Also, Florida places restrictions on the medical facilities and health care providers who may be reimbursed for services, and on the fees they may charge. Payment for care under personal injury protection (PIP) can only be made if provided or prescribed by an authorized medical provider.
For more specific information and complete details, read Title XXXVII, Chapter 627 of the 2008 Florida Statutes, known as the Florida Motor Vehicle No-Fault Law.
And with respect to to rates, the questions you want to ask are not about the average cost of car insurance for a teenager ... or how much is car insurance for a 16 year old or a 17 year old ... or about car insurance cost comparison in Pembroke Pines, Coral Springs, Ocala, or Volusha FL ... the question is about the quality of the coverage you buy.
Why is Car Insurance So High for Teenagers?
Insurance companies are in the business of managing and spreading risk.
Teenagers, according to some (like, parents) believe teenagers embrace risk.
If you examine the data, you’ll see that the ratio of automobile accidents is highest among teenagers. One University of Chicago study (Jean Decety) suggests that the teenage brain lacks empathy, which could include the ability to imagine the consequences for others of a car crash. Others attribute poor driving habits among teenagers to a lack of driving experience or a lack of judgment. Some states have gone so far as to propose that cars driven by teenagers be required to bear some form of identification to alert other drivers.
Whatever.
Insurers price teen age into automobile coverage, which is obvious when you observe that rates begin to decline at age 19 and again at 21.If your question, though, is how can I find affordable auto insurance for my teenager, here are some ideas to explore with your car insurance broker.
Which will cost more – keeping a teenager on your policy or issuing a new one for the teenage driver him alone?
Which auto insurance companies offer discounts to teenagers with good grades, a good driving record, driver education classes, an established credit history, or coverage in effect for more than one year?
Am I required to have auto insurance on a teenager ?
Generally, auto insurance policies promise to pay damages for bodily injuries and property damage for which an "insured person" becomes legally responsible because of an accident.
An insured person is not just the owner of the car or cars ... it is also any relative residing in the same household and related by blood, marriage or adoption to the primary insured person(s) on the policy... and any person involved in an accident arising from that person's use of a covered automobile with the permission of the policy owner or a relative.
Finally, if you make incorrect statements or representations when
apply for the insurance, the insurance company may have legal standing
to void the policy in the event of a claim.
Auto Insurance Company Rankings by Value of Florida Car Insurance Policies
Selling More than $200 Million of Insurance in 2006-2007:
Our auto insurance company rankings of car insurance companies writing policies in Florida is based on the total value of the policies they wrote in 2006 and 2007, the most recent available years. We use this as the standard of our rankings for a simple reason: insurance companies build their business on the ability to spread risk. They write policies. They insure, and they re-insure. The more money they generate, the more money --
in theory, and these days theories about insurance companies are not especially rock solid --
the value of their Florida assets goes into a pool which should be available to pay claims. The appearance of these companies on the list below is not an endorsement .. neither is it intended to suggest that they can or will pay claims.
For this, you may want to examine the financial soundness of companies who issue insurance you want; ratings agencies like A.M. Best and Standard & Poors perform this service.
Do your homework.
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(source: Florida Office of Insurance Regulation, Florida Department of Insurance )