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Get A Florida Truck Insurance Quote Comparison
For Insurance For Truck, visit our secure Easy Quote Page to get a Florida truck insurance quote comparison from top rated Florida insurance companies. We are a Florida based insurance agency that continually monitors Florida’s insurance market for the best truck insurance companies. Input your information once at our secure Truck Insurance Quote Page and we can quote it with all of our carriers in one easy step. We will email, fax, or call with your quote comparison, normally within 24 business hours. It’s the easiest way to get quotes from multiple companies online.
Florida Truck Insurance Rate Quotes
Florida truck insurance rate quotes can vary greatly due to many factors. Why does Company A charge $1,500 and Company B charges $500 for the exact same driver and truck? That’s because different insurance companies want to attract specific types of accounts. Certain drivers can be the bread and butter of one company while another company may adjust their rates to attract a completely different type of driver. Companies may take into consideration your driving record, credit history, age, address, truck, number of drivers and trucks, as well as the type of coverage you carried on your previous insurance policy. All this information is compiled and you are issued a tier rate. The better your tier, the lower your insurance quote will be. One company is not always the best fit for all drivers. That is why we always compare these companies with our comparative rating software to verify the best quote.
Florida Truck Insurance Requirements**
To register your truck in Florida the only insurance required is property damage liability coverage of $10,000 and PIP (see Ch. 627.731 of the Florida Statutes). Property damage liability pays in the event you damage someone else?s property with your truck.
PIP, short for personal injury protection, pays for medical expenses incurred if you or your passengers are injured in an accident whether at fault or not at fault. PIP coverage also protects you as a passenger in someone else?s truck or as a pedestrian. Since Florida is a No-Fault state, we are each responsible for the first $10,000 of our own injuries, regardless of who is at fault, before we can go after the other party. PIP is designed to pay that amount under our insurance policy but, PIP pays at a rate of 80% of medical expenses, 60% of lost wages, and also acts as a life insurance policy in the event of a fatality with a maximum payout of $10,000 per person. The way PIP pays can be a little tricky so it is best to discuss with an independent insurance agent additional coverages that are available on your truck insurance policy to avoid any gaps in coverage.
**Depending on the weight of the truck and/or how it is used it may be considered a commercial truck and the state may require that you carry bodily injury liability. It is best to confirm this with your agent.
Florida Truck Insurance Additional Coverages**
The most popular additional coverage is bodily injury liability. Although it is not required to register your truck in Florida, it is required under the Florida Financial Responsibility Law (see Ch. 324.021) if you injure someone in an accident. The minimum bodily injury liability coverage required under the law is $10,000 per person and $20,000 per accident. If you do not have this coverage at the time of the accident your license and registration can be suspended for up to 3 years, and you could be required to pay restitution for the injury you caused. It is very important to include this coverage on your Florida truck insurance policy. Higher coverage amounts are available, and you should consider these limits carefully, as this coverage is your protection limit in the event you are sued by someone you injure in an accident. Your consideration should include the amount of assets you have to protect, future income, etc.
Since PIP only pays 80% of your medical expenses, and we are responsible for the first $10,000 of our own medical expense, medical payments are a smart option. It is basically a medical fund which allows you to choose the additional amount of coverage you wish to carry. There are no percentages, co pays, or deductibles on your medical payments. We recommend a minimum of $2,000 but higher coverage amounts are available from most Florida insurance companies. This $2,000 could be enough to cover the 20% of the first $10,000 that PIP does not cover, however you can generally find that companies will offer up to $10,000 in medical payments.
Comprehensive and collision cover physical damage to your truck. Comprehensive covers your truck for physical damage outside of an accident (i.e. theft, vandalism, windstorm, etc.). Collision covers your truck for physical damage due to an accident (i.e. colliding with another truck). You may choose the deductible you wish to carry on these coverages and this represents the amount of damage you are responsible for before the insurance policy responds. The higher deductible you are comfortable with the less the insurance company will charge for your premium.
Truck rental expense is also available and will pay a set limit for a certain period of time for a rental truck in the event your truck is damaged under the comprehensive or collision coverage. Towing and labor can also be purchased to pay for expenses incurred for towing, locksmith, road side assistance, etc. Most Florida truck insurance companies now offer loan/lease gap coverage if your truck is financed or leased. This is because in the event your truck is totaled under comprehensive or collision coverage, the insurance company only pays out based on the actual depreciated value of the truck. The loan/lease gap coverage would pay the difference between what you owe and what you were paid out for your claim.
**If this is a commercial truck you may be required to carry higher bodily injury liability limits.
How Florida Truck Insurance Could* Respond in an Accident
Let?s take a look at how your Florida truck insurance could respond in a real life situation to give you a better idea of how all this works together. Example 1 could go like this, you run into a truck and cause injuries and damages. The other party would be responsible for the first $10,000 in injuries and their PIP coverage pays most of that. If their injuries exceed $10,000 your bodily injury liability should respond to those expenses up to the limit you purchased on your truck insurance policy. Your property damage liability should pay to repair their truck as well as any additional expenses they incur (i.e. car rental expenses while their truck is being repaired) up to the limit you purchased. If their injuries and/or damages exceed the limits you purchased you would be responsible for those expenses out of pocket.
Example 2 would assume the other party hits you and causes injuries and damages to you. The same coverages would apply as above, however your additional coverages could come into play in this instance. If the other party does not have insurance or does not carry a high enough limit of bodily injury liability to cover all of your injuries you could file against your own insurance policy’s uninsured motorist and medical payments to cover the additional costs up to the limit you purchased on you truck insurance policy. If the other party does not have insurance or does not carry a high enough limit of property damage liability to cover all of your damages you can file against your collision coverage, however you would have to pay your deductible if this is the case. Towing and truck rental expense can also be filed against your policy to offset those costs if they are incurred. Finally if your truck is financed and it is totaled in this accident you will only be paid the depreciated value of the truck which could mean you may still owe money to pay your car off unless you have the loan/lease gap coverage.
*This is only an example of how coverage could apply and does not represent any guarantee of coverage.
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