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Q

What is the minimum insurance required in the state of Florida for a leased vehicle?


A

The minimum car insurance limits are the same for all registered personal vehicles in Florida. It doesn't matter if the car has a lease or loan on it, or if you purchased it outright with cash.

Florida law requires minimum car insurance of:

  • Property damage liability of $10,000
  • Personal iInjury protection (PIP) of $10,000

This basic coverage is often referred to as a PIP/PD. State law does not require a minimum coverage for bodily injury liability coverage, unless you have been in an accident.

Due to the unique way in which the financial responsibility laws are set up in Florida, we would advise you get at least the minimum bodily injury liability coverage limits, which is $10,000 per person and $20,000 per accident.

While the state does not require any extra coverage for leased vehicles, your leasing company might. Most leasing companies require motorists to maintain auto insurance coverage that exceeds the state minimum and is in the following amounts:

  • Bodily injury liability of $100,000 per person and $300,000 per accident.
  • Property damage of $50,000.
  • Comprehensive and collision coverage with $500 maximum deductible.

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Personal injury protection of $10,000 would also be required in Florida, since it is part of the required no-fault mandated coverages with a personal auto insurance policy in this state.

These higher limits that your leasing company requires you to obtain are in part to protect you financially, but really also to protect your leasing company since it legally owns the vehicle.

While your leasing documents are likely written in a way that the leasing company should have no liability for your actions as a driver, it would rather be safe than sorry.  If the liability limits are exceeded, it is likely to have deeper pockets than you do.

To find out the exact car insurance limits your leasing company requires you to carry, read through your leasing paperwork or speak to the company directly.

Higher liability limits for a leased car will cause your car insurance rates to be higher. It is wise to comparison shop to get the best priced premium for the coverages you need.

If you are shopping for auto insurance for a leased vehicle in Florida, let CarInsurance.com help you get quick quotes. We can help you check car insurance prices and find you the best car insurance for your situation.


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