Have you had a setback and need to know the grace period for auto insurance in Florida?

Are you considering changing to a new insurance provider and want to make sure you have plenty of time to make the switch without being penalized?

Auto insurance is required in nearly all 50 states, and grace periods vary from state to state with some states not having one at all. Luckily for Florida, we have a grace period.

The grace period varies from situation to situation, so pay attention to the details in the blog to see how long you have to make your premium payments. We’ll also cover some other basics of auto insurance in Florida.  

What You Need to Know About Auto Insurance in Florida

Before we get to the grace periods, it’s important to note some key facts about auto insurance in Florida. Let’s cover the state minimum insurance requirements for vehicles with four wheels that are registered in the state of Florida first:

1. Personal Injury Protection in Florida

One of the required coverages for vehicles in Florida is personal injury protection (PIP.) The minimum coverage limit is $10,000.

PIP coverage is a valuable piece of coverage to have, as it covers more than car accidents. In the state of Florida, PIP coverage covers a variety of things including:

  • Certain Passengers: A child, members of your household, and certain passengers who do not have PIP coverage are covered.
  • School Bus Accidents: If your child is in a school bus accident, PIP coverage will cover injuries.
  • Other Accidents: PIP coverage will cover you if you are in an accident in someone else’s vehicle, if you’re in an accident as a pedestrian, or as a bicyclist.

The coverage is required to be held through the entire duration of licensing and registration of the vehicle. Remember that your limits will determine how much you pay out of pocket for medical care, so compare your plans wisely when it comes to coverage options.

2. Property Damage Liability in Florida

The other required coverage for vehicles in Florida is property damage liability (PDL), and the minimum coverage limit for that is also $10,000. That’s a combined total of $20,000 in coverage.

PDL coverage will pay for damages for which you are liable if you or members of your family cause that damage as a result of a covered motor vehicle accident. This includes property that isn’t just a vehicle, so you may want to consider higher coverage limits for this.

Beyond the minimum requirements, there are some other things to take into consideration when purchasing auto insurance in Florida. For example, you may want to consider bodily injury liability (BIL) coverage in addition to your minimum required coverage.

BIL coverage will cover “serious and permanent injury or death” if you cause an accident in a covered vehicle. This coverage also pays for legal defense in the event that you are sued by an injured party.

You’ll also want to consider how much you are paying for deductibles in the event you are in an accident. Typically, the higher the deductible, the lower your insurance premium will be. However, that means you need to have emergency savings available to cover that deductible in case something happens.

What’s the Grace Period for Auto Insurance in Florida?

The 2011 Florida Statutes have two different stipulations depending on whether or not you reserve the right to refuse renewal. Each of these stipulations varies as follows:

1. With the right to refuse renewal:

If you don’t pay your premium before the due date, your policy will stay in force unless you have given appropriate intent not to renew your policy. The grace periods are:

  • Weekly Premium Policy: 7 days
  • Monthly Premium Policy: 10 days
  • All Other Policies: 31 days

2. Without reserving the right to refuse renewal:

Your policy will stay in force during the grace period, and it may be paid during the grace period, even if you don’t reserve the right to refuse renewal. Those grace periods are:

  • Weekly Premium Policy: 7 days
  • Monthly Premium Policy: 10 days
  • All Other Policies: 31 days

Keep in mind that these grace periods are subject to change as laws are updated, so watch for any legislation around auto insurance policies.

If you are caught driving without insurance, you may be subject to license penalties, such as having your driving privilege suspended for three years. There is also a penalty to reinstate your license, so don’t let your coverage lapse if you don’t want to risk having a hefty fine.

5 Tips on Auto Insurance in Florida

Buying auto insurance can be a frustrating experience. It can be difficult to know how much coverage you need, whether or not you need to purchase optional coverage, and what discounts you qualify for.

It doesn’t have to be a hair-pulling ordeal, though. With a few simple tips and a friendly agency, you can get the best policy for your family and your budget.

Here are 5 tips on purchasing auto insurance in Florida:

  • Get multiple quotes: Getting more than one quote is a smart way to potentially save money. If you’re lucky, the first quote you get will be the best, but that’s not always the case.
  • Compare apples to apples: Make sure when you’re comparing quotes that you’ve selected all of the same coverage options. And check for any standout features between insurance companies.
  • Consider the most coverage you can afford: Paying for medical expenses and a vehicle in the event of an accident is not inexpensive. The more coverage you have, the less you’ll have to pay out of pocket.
  • Look into optional coverages for added protection: To avoid paying too much out of pocket, look into optional coverage for things like roadside assistance and rental cars.
  • Use your grace period cautiously: Having a grace period is incredibly useful if a financial situation occurs or you need to change policies. Just be careful that you don’t let your insurance lapse.

These tips are designed to guide you down an easy path to auto insurance. Contacting an insurance agency is a great way to get the information you need without having to figure it all out yourself. They will help you out using a lot of the tips we’ve provided here.

Quick Recap on Auto Insurance Grace Periods in Florida

Grace periods are not a thing to ignore. Take care to make sure your premiums are paid before the end of your grace period to ensure you’re not at risk for fines and having your license suspended.

To recap, the grace periods, regardless of whether you reserve the right refuse renewal, are seven days for a weekly premium policy, 10 days for a monthly premium policy, and 31 days for all other policies. After that, your coverage will lapse. Stay insured by working with an agency that will get you the best coverage possible.

Looking for the best auto insurance coverage for you and your family? Fiorella Insurance Agency is committed to providing the best options and service to our clients.

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