Explanation on Different Types of Policies/Coverages
The following outline of coverage is for informational purposes only.
Liability Coverage: This covers your legal liability for bodily injury to others (Bodily Injury Liability) or damage to their property (Property Damage Liability). Florida law requires you have Property Damage Liability coverage. The principal exclusions (items not covered by your policy) for this coverage are: (1) autos owned by you or furnished or available for the regular use of you or your family members , which have not been specifically covered under the policy, (2) vehicles with less than 4 wheels, and (3) claims for injured members.
Personal Injury Protection (P.I.P.): This covers you, your family members and certain others, for bodily injuries resulting from auto accidents, without regard to fault. Payments are for 80% of medical expenses, 60% for loss of income, replacement household services and (if the limit has not been exhausted by other benefits) a death benefit. Personal Injury Protection is also required under Florida law. The principal exclusions for this coverage are injuries sustained in autos you or your family members own, which have not been specifically covered under the policy, and injuries to other vehicle owners required by law to have their own coverage.
Medical Payment Coverage: This coverage supplement the medical expense reimbursement of PIP coverage and provide basic coverage in situations where PIP does not pay. The principal exclusion's are similar to those for liability coverage.
Uninsured Motorist Coverage: This coverage pays for bodily injuries to you, family members and certain others, resulting from the negligence of others. It pays when the at-fault party has: no liability insurance, or liability coverage with limits not adequate to pay for the damage incurred, or if injuries result from a hit-and-run vehicle. Your coverage may be "Stacked" or "Non-stacked". The principal difference between these two forms is that the total amount of protection under the stacked form is the sum of the limits applicable to each vehicle insured, whereas under the non-stacked form the limit stated applies per accident regardless of how many vehicles you own or insure.
Collision: This covers damage to your car resulting from upset or impact with another object.
Comprehensive: Provides coverage for damage to your car resulting from fire, theft and other direct losses not excluded. The principal exclusions are for damage to certain electronic and sound equipment; tapes and others media; radar detector; undeclared camper bodies; and van pickup customized equipment.
Other Coverage: In addition, your policy may contain other endorsements which add or broaden coverage, as indicated by their titles. The principal endorsements which may be found is towing and labor cost.
Renewal and Cancellation Provision: You may cancel your policy at any time after it has been in effect for 60 days. During the first 60 days of your policy, you may cancel only if you dispose of the vehicle or it is total loss, or after the purchase of another policy covering the motor vehicle which was covered under this policy. Under conditions where the law permits us to cancel or refuse renewal of your policy, we must give you advances notice as follows: (1) 10 days for cancellation because of nonpayment of premium; (2) 45 days for cancellations for any other reason; (3) 45 days if we refuse to renew.
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