The Florida No Fault Law has set the minimum car insurance requirements in this sate since 1971. The mandate requires vehicle owners to maintain a Personal Injury Protection (PIP) and Property Damage Liability (PD) policy for all their registered vehicles. The insurance must be maintained throughout the registration period.
In Florida, the required coverage limit for PIP is $10,000. The insurance pays, regardless of fault, for 80% medical expenses, 60% lost wages, and $5,000 in funeral expenses. Covered persons are the policyholder and other listed drivers. The required limit for PD is $10,000 and is a benefit that pays for another persons property, such as their car, if you are at fault in an accident.
Vehicle owners must show proof of insurance at each registration interval. Proof must be carried at all times while driving the car. Insurance companies are required to notify the DMV when a policy is canceled or not renewed. Failure to comply will result in driver license and vehicle registration being cancelled. Fees for a Florida license reinstatement due to no car insurance range from $150 to $500.
Florida is the only No-Fault state without a Bodily Injury Liability (BI) coverage requirement. Many insurance companies will not issue a policy limited to PIP/PD unless BI is also purchased. Your auto insurance policy must be placed by a licensed Florida agent with an insurance company licensed to sell policies in Florida. Policyholders can not cancel their policy in the first 60 days unless other insurance is acquired or the vehicle registration is surrendered.