Ways to Establish Financial Responsibility
There are several ways you can establish financial responsibility for your vehicle(s):
- Purchase a liability insurance policy from a carrier licensed to sell insurance in the state.
- Post a surety bond with a state-licensed company and obtain a Financial Responsibility Certificate from the Bureau of Financial Responsibility.
- Deposit cash or securities with the FDHSMV and obtain a Financial Responsibility Certificate from the Bureau of Financial Responsibility.
- Provide evidence of possessing a net encumbered capital and obtain a Self Insurance Certificate from the Bureau of Financial Responsibility.
Florida Liability Insurance Requirements for Private Passenger Vehicles
Whether you plan to drive it or not, if you own a vehicle with a state license plate you must cover it with the minimum liability insurance requirements. Returning your license plate to a driver license or tax collector office is the only way to legally cancel your insurance.
The state’s Financial Responsibility Law and No-Fault Law work together to require each vehicle owner to have certain amounts of liability coverage.
Financial Responsibility Law
The Financial Responsibility Law includes coverage for incidents, such as crashes, for which you are at fault. To meet the state’s requirements, you must have:
- $10,000 for one person in bodily injury liability
- $20,000 for two or more people in bodily injury liability
- $10,000 per crash in property damage liability
- $30,000 in combined single limits
No-Fault Law
The No-Fault Law includes coverage for incidents in which no bodily injuries occur. To meet the state’s requirements, you must have:
- $10,000 per person/crash in personal injury protection
- $10,000 per crash in property damage liability
Keep in mind these two laws only require you to have basic liability coverage. It’s wise to browse other coverage options to make sure you and your vehicle are fully protected.
Proof of Insurance and Financial Responsibility
Your insurance company will send the FDHSMV information about your insurance, and the FDHSMV will keep that information in its computer system; however, human error is always a possibility and it’s best to keep proof of insurance and financial responsibility at your fingertips.
Once you get your insurance ID card from your insurance carrier, make sure you keep it in your vehicle at all times.
Penalties for Failure to Maintain Financial Responsibility
When you have no proof of insurance, the FDHSMV can suspend your driving privileges, registration, and license plate for up to three years or until you’re able to show proof of insurance.
Keep in mind obtaining and showing proof of insurance isn’t the only step you must take to get back out on the roads―you’ll also have to pay a license reinstatement fee of between $150 and $500.
To learn more about the state’s insurance laws, what you’ll face if you fail to maintain financial responsibility, and the steps you must take to reinstate your driving privileges, contact the FDHSMV Customer Service Center at (850) 617-2000.
