Many people wrongfully assume if someone drives an expensive car that they must have bodily injury
liability insurance, but that’s not true (except when it comes to some, but not all commercial vehicles).
Depending on the business type there are requirements to carry more bodily injury liability limits than
the current state minimum, which is zero. Nada. (This could be a terrible day for you if you don’t carry
uninsured motorists’ coverage)
Finance companies aren’t interested in protecting anything but their collateral, meaning the vehicle that
they are financing. There are many high-end cars on the road which do not carry proper insurance,
including but not limited to bodily injury liability.
What if someone is driving a rental car? Those are big companies with deep pockets.
The Graves Amendment provides that a motor vehicle owner who rents or leases the vehicle to
someone else will not be held vicariously liable for the user’s actions so long as both factors are met: The
owner is engaged in the trade or business of renting or leasing motor vehicles.
(Reference, h0977z1.TIS.PDF (flsenate.gov))
What about putting a lien on someone’s home?
You cannot do that because Florida has homestead protection. That means you can’t place a lien on
someone’s primary residence if it’s a primary residence on 1⁄2 acre or less in a city or 160 acres or less if
located in the county. It doesn’t matter how large the home is.
The point of the story is to make an informed decision on your auto insurance coverage. The type of
insurance that you carry on your auto insurance MATTERS! I cannot stress enough the importance of
Uninsured motorists’ coverage, also the importance of Stacked Uninsured Motorists coverage. Just
because someone is driving an expensive car, does not mean that they have coverage to adequately
cover you if they hit you. Protect yourself and work with an independent insurance agent who can help
you decide what might be right for you.
Don’t take long and insure wrong! Contact an agent at Singh Insurance today to discuss your auto insurance policy. firstname.lastname@example.org