Legal News
August 3, 2011
Greetings:
I am often asked, “What coverage is important to have on my automobile insurance policy?” I am not a licensed or trained insurance agent, but in over 25 years of representing people who have been injured in car accidents there two areas I would like to call to your attention:
Uninsured/underinsured motorist coverage (UM)
Comprehensive and collision
In Florida, you are only required to have personal injury protection/no fault insurance and property damage coverage, both in the amount of $10,000. Because the residents of Florida are not required to carry bodily injury coverage (BI), and many don’t carry any insurance, it is imperative that you have uninsured/underinsured motorist coverage (UM) in an amount equal to your BI. Elect “stacking” if you have more than one (1) automobile.
Another area where people run into trouble is when their vehicle has been damaged or totaled, and they did not purchase comprehensive and collision insurance. Comprehensive and collision covers the damage to your vehicle, regardless of fault. It can cover damage from vandalism to accidents that are your fault, or the fault of someone else that is uninsured.
I trust this information is helpful. Of course, there are a number of other coverage’s you should review with your insurance agent, including, bodily injury (BI), medical payment, towing, rental, etc., in addition to the two (2) mentioned above. Enjoy the rest of your summer, and if you or someone you know has been injured in a car accident, call me for a free consultation.
Marc A. Falco
FalcoLaw
February 1, 2011
Once again, it appears that the insurance interests are going after the Florida No Fault Act. With the insurance special interests help politicians that are happy to do their bidding now control the Governor’s office and the legislature in Tallahassee. Unfortunately, this will negatively impact the citizens of Florida at a very inopportune time. Due to the recent economic hard times many of us do not have health insurance or the money to pay for medical care if we are injured in an accident. Additionally, physicians as well as hospitals, emergency rooms and trauma centers will be greatly affected. Regardless of what the insurance interests tell you, the insurance savings will barely, if at all, impact you the consumer. It will just put more money in the pockets of the insurance industry.
According to an article in the Sarasota Herald-Tribune on Thursday, January 27, 2011, written by Michael Peltier of the Florida News Service, the average Florida driver pays $50.00 per year, per vehicle for fraudulent claims under the state’s no fault insurance system. Critics say that has “propelled Florida’s insurance rates to the fourth highest in the country.” What fails to be mentioned is that any system has fraudulent claims. So there will not be $50.00 per year savings if the law is repealed. Additionally, Florida has the fourth largest population in the country, a large transient population and a large tourist population. These factors also impact the insurance rates in the state and not solely the alleged fraudulent claims under the No Fault system. In other words, the politicians that are beholden to the insurance special interests in this state are going to trade your $10,000.00 in available PIP insurance, which allows you to get medical treatment if you are hurt, for a savings of probably $20.00-$30.00 per year. Of course, that does not save much money for individual consumers, but to an insurance company that has millions of customers, it adds up to quite a bit of money in their pocket if they don’t pass the savings on, dollar for dollar. Who amongst us believes that would happen?
In addition to consumers being damaged by this change in the law, physicians, medical clinics, hospitals, emergency rooms and trauma centers will also be affected. Without this initial $10,000.00, many of these facilities will never recoup monies from people who have been injured in an automobile accident. This will cost the medical industry tens of millions of dollars every year. Maybe you recall a few years ago, our local trauma center, Bayfront Medical Center, threatened to close if the no fault law was repealed. In other words, no more Bay flights for catastrophically injured citizens in the Tampa Bay area.
Regardless of your political leanings, repealing the Florida No-Fault Law at this time would be catastrophic for the citizens of Florida, all to save the insurance industry millions.
FalcoLaw