Pros and Cons of Uninsured Motorist Coverage in Florida

February 23, 2024
Motorcycle Standing Right Next To A Vehicle

According to a study by the Insurance Research Council (IRC), 12.6% of motorists — or about one in eight drivers — were uninsured in 2019. The same study revealed that Florida ranks 6th in states with the highest percentage of uninsured motorists. 

The victims of car accidents can suffer various damages, including injuries, lost income, and property damage. They can seek compensation for their suffering. However, if an accident happens with someone who has no auto insurance, it can create issues. This is why it can be beneficial to have uninsured motorist coverage. Let us explore the pros and cons of uninsured motorist coverage in Florida. 

Understanding How Uninsured Motorist Coverage Works 

You’re never prepared for a car accident, especially if the accident happened due to someone else’s fault. However, you can take steps to reduce the financial impact of the accident. Underinsured motorist coverage provides you with financial protection if you get in an accident with a driver who has no auto insurance. The policy provides coverage for losses that would otherwise be covered by the at-fault driver insurance coverage. 

Depending on the policy, uninsured coverage can also include protection from accidents with underinsured motorists (UIM). Both these types of insurance coverage are not mandatory in Florida, so you can choose to add them depending on how much protection you want. 

In cases where the other party has insurance but does not have enough insurance to cover your damages, your UIM coverage can help bridge the gap by offering financial coverage for expenses that are over the limit. 

Perhaps the greatest benefit of having uninsured motorist coverage in Florida is that you get peace of mind knowing that you are financially protected in auto accidents that are not your fault, regardless of whether the other party has auto insurance or not. 

Pros of Uninsured Motorist Coverage 

Uninsured motorist coverage requires you to pay a premium every month. In return, you get a few important benefits. Florida has a high percentage of uninsured drivers, so the likelihood of you getting into an accident with them is relatively higher compared to other states. 

Uninsured motorist coverage also provides coverage in accidents that involve a hit-and-run. As the identity of the motorist who fled the scene of the accident is unknown, these policies provide some financial protection. Even if you have no insurance, a personal injury lawyer can help you get compensation for damages suffered in a car accident. 

Cons of Uninsured Motorist Coverage 

The biggest potential disadvantage of having uninsured motorist coverage is that you may never need it, but you still pay monthly premiums for it. The UM policy comes at an extra cost, and for some motorists, this extra cost might not be worth it — especially for individuals who have a high-risk tolerance. 

However, an important factor to consider is the prevalence of uninsured drivers in your area. Florida has a high number of such divers, so it may be better to invest in uninsured coverage. 

Another disadvantage of having uninsured motorist coverage is that even though you pay a premium to get this extra protection, you still have to contend with coverage limits. If your damage exceeds those limits, the insurance policy will not cover the excess expenses. 

To learn more about whether you can benefit from having uninsured motorist coverage, get in touch with a car accident lawyer at Lewis & Castagliola, P.A.