If only $10 could get you $100,000 more…would you spend it? Many, if not most of us, would not hesitate to say YES.  However, when it comes down to it, many Floridians opt out of spending the extra few bucks a month to double their car insurance coverage by stacking it.

Let’s break it down.  In Florida, only two types of coverage are required:

  1. No-fault coverage, or Personal Injury Protection (PIP). PIP pays 80% of your medical bills up to $10,000, REGARDLESS of who is at fault in an accident. So even if you are involved in an accident that is not your fault, YOUR insurance coverage will pay the first $10,000. But what if that isn’t enough to pay your medical bills? Read on to find out…
  2. Property Damage Liability (PDL). PDL coverage pays for damage YOU case to another person’s vehicle.  It will cover up to $10,000, unless you opt for higher limits.

As you are probably aware, $10,000 in PIP does not cover much when it comes to medical bills.  If you are injured in a crash, $10,000 could be easily spent in hospital bills alone! However, there are other types of coverage that will greatly increase your insurance limits.

Uninsured/Underinsured Motorist Coverage

As you now know, only $10,000 in PIP is required in Florida. Other drivers are NOT required by law to carry insurance coverage to pay for injuries they cause to others in car accidents. Uninsured/Underinsured Motorist is optional coverage you can add to your own policy. If you are hurt in an accident and the at-fault driver doesn’t carry sufficient coverage to pay for your bills, pain and suffering, and lost wages, you can make a claim against your OWN insurance to help cover these expenses.

Now, what if you have more than one vehicle insured in your household? Even better! Ask your insurance agent about stacked coverage.

What is Stacked Coverage?

Let’s say you own a vehicle, and your spouse also owns a vehicle. You elect to have limits of $25,000 per person and $50,000 per accident in UM coverage (25/50). If you choose to stack your coverage on the vehicles, this would effectively DOUBLE the UM coverage available to you in the event of an accident.  So, instead of $25,000 per person and $50,000 per accident, coverage limits would be $50,000 per person and $100,000 per accident. Usually, this only costs a few dollars more per month. Speak with your insurance agent to find out exactly how much this will cost you.

Spending just a few extra bucks a month now can really pay off in the long run. Call your insurance agent today to stack your insurance coverage and help protect yourself in the event of a crash.

For more questions about how stacked insurance coverage could help you and your family, give us a call at (888) 783-8378.