A lot of people say they just want the cheapest insurance they can get and still be in compliance with the law. That makes sense, why not just hope you do not have an accident? But it means they are also getting the smallest amount of coverage possible with the company least likely to actually pay a claim. (Here is a list of the ten companies considered least likely to pay a claim. We do not partner with any of them.) At Hughes Insurance Services we DO NOT recommend buying the minimum. Frankly, if you get just this coverage you are probably wasting your money. In the event of an accident, minimum coverage will do very little to help you through the ordeal. You can talk to one of our agents about what kinds and amounts of coverage we DO recommend, but if you are set on getting a risky bare-bones policy, here is what you need.
- $10,000 Personal Injury Protection. (PIP)
This covers you, your kids and some other people if you list them appropriately on your policy. The average crash ends in a claim of around $15,000 for this type of coverage. (Go here for more info on car accident costs)
2. $10,000 Property Damage Liability. (PDL)
PDL Covers you for the cost of the thing you run into. If you happen to nail a Jaguar or even a fairly new mini-van, ten grand is not going to cover it.
And that is it. The Florida DMV has more info about the types of coverage and requirements for taxi drivers, but if you just want to avoid the fines and stay out of trouble while you drive your personal vehicle, this is all you need. If you are still set on trading long term security for short term savings: good luck. You will need it.