Florida Ranked the Financially Riskiest State to Get into a Car Accident
Car accidents are never safe, but the same car accident in two different states can have a shockingly different impact on your financial life. If you are in an accident caused by another person’s negligence, their insurance plan may fully cover your potential damages, so that you do not have to demand it directly from the other driver, who may be insolvent. Unfortunately, according to a recent study, a car accident in Florida may cost you more than you might expect.
Your Insurance May Not Be Enough if the Other Driver isn’t Insured
Florida was ranked as the most financially risky state to get into a car accident in a new study from WalletHub.com, a personal finance website. The study analyzed the percentage of drivers who illegally lack any form of car insurance, as well as states’ legal requirements for the minimum insurance coverage drivers are required to have. Although the study did not find a correlation between lenient insurance requirements and percentage of drivers without insurance, Florida combined the two dangerous statistics and was ranked as the riskiest state to get into a car accident.
If your vehicle is damaged by a driver who is uninsured, you can be left on the hook because the driver failed to get the legally required insurance to prepare for a potential accident. Fortunately, you can still file a personal injury lawsuit, but in some cases, the other driver still may not be able to afford to pay for your damage. In Florida, nearly one in four drivers (23.8%) lack any kind of car insurance, second only to Oklahoma’s 25.9%.
Their Insurance Savings Can Cost You
Even when Florida drivers have insurance, they are not required to have as significant protection as in other states. In Maine, for example, lawmakers mandated that all drivers must be insured for $50,000 in personal liability coverage; $100,000 in bodily injury coverage; and $25,000 for property damage coverage. In other words, if you are injured in a car accident in Maine, the other driver’s insurance company is likely to have set aside $100,000 to cover the incident. In Florida, in contrast, drivers are only required to have $10,000 for personal injury, $20,000 for bodily injury, and $10,000 for property damage.
You can still be affected even if you avoid getting into any car accident in Florida. According to one insurance representative commenting on the study, unpaid and disputed claims due to lack of coverage or limited coverage burden the insurance system and result in higher prices for everyone. If you are willing to pay, however, adding uninsured motorist coverage to your own plan can protect you up to a point.
If you are a driver in Florida, the study can be a reminder to ensure that you are fully covered so that you are protected even where other drivers’ insurance plans fail. However, if you are in a car accident caused by an individual with limited or no car insurance, their insurance company may not compensate you fully for the damage to your car or even the injury to your person. Fort Lauderdale accident attorney Scott Newmark can fight for your rightful compensation even where insurance plans fail to cover the gap.