Truck Insurance Regulations
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.
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.
