Today's journey into the world of insurance takes us into a niche but vital area: insurance for stored vehicles in Florida. With the state's unique stance on auto insurance, understanding these specifics is crucial, especially when your beloved car is in storage.
The Florida Storage Insurance Puzzle While most states simplify insurance for stored vehicles to allow for clients to remove liability coverage while a vehicle is in storage, Florida’s approach is different. Rather than allowing people to keep comprehensive or other-than-collision only for a vehicle, they have specific rules that apply to any vehicle with a valid tag and registration. Let's delve into what the Florida Department of Highway Safety and Motor Vehicles says about mandatory coverage requirements for cars.
Mandatory Coverage in Florida Florida’s law mandates two primary coverages for all vehicles, even those in storage:
Personal Injury Protection (PIP): A cornerstone of Florida's no-fault policy, covering a portion of medical expenses and lost wages.
Property Damage Liability: Required coverage for damages your vehicle might cause to others.
(Interestingly, Florida doesn't require bodily injury liability for vehicle registration. But that is another blog post).
Insurance for Stored Vehicles: What You Need to Know If your vehicle is stored but maintains a valid registration, you're still required to have liability coverage. Failing to do so could lead to license suspension. This rule applies regardless of your residency status or if you hold an out-of-state license.
Practical Tips for Vehicle Owners
Tag Surrender Option: Consider this if you spend considerable time outside Florida.
Military Personnel: Special waivers may apply for overseas deployment.
Leverage Discounts: Investigate telematics-based discounts for stationary vehicles.
Coverage Flexibility: Adjust your liability coverage based on your presence in Florida, but manage it carefully.
Why the High Costs? It's an eye-opener that Florida ranks highest in auto insurance costs nationwide, averaging a staggering $3,419. This price point is significantly higher than the national average, primarily due to unique state requirements, fraud, inflation, and risk factors.
Navigating Florida's Insurance Landscape With the complexity of Florida's auto insurance, staying informed is key. For more details, visit the Florida DHSMV website. Always consult with a local Florida based insurance agent for tailored advice.
Conclusion: Florida's vehicle insurance scene is as unique as its landscapes. Whether your car is cruising the streets or resting in storage, understanding these nuances ensures you stay protected and compliant.