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  • Writer's pictureCarolina Nunez

Tough Economy and Car Insurances: Don't Reduce Your Policy Limits

Updated: Mar 27

In today’s economy, saving money and cutting costs is essential. Families are facing the effects of inflation and it has become increasingly difficult for many to get by every month. However, when it comes to car insurance – it is best to protect your financial security by having sufficient protection. Many people find out too late that they do not have enough coverage for their accident property damage, medical expenses, or lost wages. Every cent matters right now.

Having no motorist coverage or minimal coverage could ultimately cost you thousands of dollars in the end.

Underinsured motorist coverage, also known as UM, is important because in the unfortunate event of a car accident, if the other driver does not have enough coverage for your damages – your insurance steps in to compensate you. In Florida, only $10,000 in PIP coverage and $10,000 in PDL coverage is required. As a result, many drivers oftentimes have minimal limits to protect themselves and others that may have been injured or experienced property damage because of an accident.

It may surprise you that many Florida drivers hit the road daily without any automobile insurance or minimal coverage. According to the Insurance Information Institute, more than 20% of drivers in Florida were uninsured in 2019. The estimated uninsured motorist rate for the entire country was only 12.6%, with only five states having higher rates of uninsured motorist than Florida.

How to best protect yourself in case of a car accident:

With so many uninsured drivers on Florida roads, it would be in your best interest to protect yourself from financial hardship by carrying uninsured motorists and underinsured motorist coverage. The difference between uninsured motorist insurance and underinsured motorist coverage is easy to understand:

1) uninsured motorist insurance protects you if you're in an accident with an at-fault driver who doesn't carry liability insurance

2) underinsured motorist coverage is effective when you're in an accident with an at-fault driver whose liability limits are too low to cover the medical expenses of any injured people.

The at-fault driver's insurance will typically pay for all damages up to his or her auto insurance policy limits, then your underinsured motorist coverage may cover the excess amount up to the limits you select.

Spending an extra few bucks a month for better protection by adding UM coverage to your insurance policy could ultimately save you thousands of dollars later. Remember, it is to your benefit to hire an experienced attorney that will help guide you. The insurance companies are not your friend. We will fight for you.

We provide a small firm feel, with big firm results. Getting help from a knowledgeable personal injury attorney as soon as possible after an injury or fatality accident is important. A car accident attorney at The Law Offices of Carolina Nunez, P.A. may guide you throughout the process and work to help you to build the strongest case possible. We are dedicated to fighting for the rights of injured victims and the families of those who are killed in Orlando/Daytona Beach and throughout the surrounding areas. Contact The Law Offices of Carolina Nunez, P.A. today online or call us at 407-376-2229 to schedule your free consultation at one of our offices near Orlando in Winter Park, Daytona Beach, Stuart, or Gainesville so that you can learn more about your potential recovery rights.

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