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How is Stacking Insurance More Beneficial Than Non-Stacking?

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Stacking insurance may not be familiar to you, but it could help increase the protection you need should an uninsured motorist injure you. Stacking insurance means you, as a policyholder, choose to combine the uninsured motorist coverage you have for each vehicle you own. Stacking allows you to increase your insurance payment limits so that if you are injured in an accident with an uninsured motorist, you will still have the money you need to cover your expenditures.

If you choose not to stack your insurance, you are most likely opting for a lower premium payment. By choosing this option, you will receive payments restricted to your stated policy. If you are involved in an accident with an uninsured motorist, your policy will only pay $50,000 per person.

Do I Have to Stack My Insurance In Florida?

The laws in Florida are set up so uninsured motorist policies automatically stack for each premium. This is typically equal to that of a policyholder’s bodily injury liability coverage. Policyholders can opt out of stacking their policies. However, when an individual chooses non-stacking, it must be in writing on a Florida state-approved form.

Why is Stacking Insurance So Important?

Most individuals choose to stack their insurance due to the fact that Florida ranks second in the nation, just behind California, when it comes to uninsured motorists. Because so many drivers lack basic liability insurance coverage, stacking insurance becomes even more essential to protect you and your family from financial hardship should you be involved in an accident with an uninsured motorist.

Does Florida Require Drivers to Have Bodily Injury Liability Insurance?

Florida does not require motorists to have bodily injury liability insurance, also known as BIL. Consequently, if a motorist is involved in an accident, they cannot collect money from the other driver’s insurance for any physical injuries they may sustain from the accident. Therefore, if the other driver’s insurance does not fully cover the extent of your damages, you are permitted to file a claim with your own insurance company to make up the difference.

What Insurance Coverage Can I Stack to Protect Myself?

State law allows motorists to stack coverage on all motor vehicles by purchasing Florida uninsured motorist coverage. This coverage is optional in Florida; however, if an uninsured motorist injures you, the policy will cover expenses related to medical bills, pain and suffering, and even lost wages. It should be noted that there are strict rules that pertain to using this coverage which only kicks in after your PIP limit of $10,000 has been used, and the at-fault party has no insurance or not enough insurance to cover your costs.

If you would like more information about how to protect yourself from lack of coverage should you be involved in an accident, contact our law firm by calling 772-773-6697 and ask to schedule a free consultation with a legal team member today.

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