Transcript Driver’s Education - Broward County Public Schools

Driver’s Education
Vehicle Insurance
What kind of Insurance do you need
in Florida?
1. In Florida there are two vehicle insurance
laws, the Financial Responsibility Law and
the No-Fault law.
2. This first law requires vehicle operators to
be financially responsible for damages &
injuries they cause
3. This requires you to have bodily
injury liability insurance at the
time of the infraction
4. In most cases if you don’t have the proper
liability insurance your license will be
suspended for up to 3 years, plus fines.
5. Additionally, if you are the driver or owner
of a vehicle involved in a crash that is your
fault, the department can require you to pay
for damages before you get your driving
privileges back
6. No-Fault insurance is a system in which the
insurance company pays your medical bills
resulting from a collision related-injury
7. It’s called No-Fault because blame is
not considered before the insurance
company pays your bills
8. However, in serious injuries, the
injured party can still go to court
and sue the person responsible for
damages
What factors affect cost of Insurance?
1. You purchase insurance by paying a
premium or set amount, usually every
6 months
2. Companies will determine their rates
based on statistic. They use age,
gender, or martial status to determine
the likelihood that someone will be
involved in an accident
Factors affecting your Premiums
1. Your Age - Those under the age of 25
pay the highest
2. Your Driving Record - Traffic
violations, collisions and insurance
claims can increase the cost of your
insurance.
3. Some companies will give discounts
for drivers who go months or years
without a collision or a ticket.
4. Mileage per year - The farther you
drive the more your insurance will
cost you
5. Your gender - Women will pay lower
insurance rates. Stats show that
men drive more often, farther & are
involved in more collisions
6. Your Marital Status - Young married
men pay less than single men of the
same age. Stats show that the
married men are involved in fewer
collisions
7. The Value of your Vehicle - the more
expensive your vehicle the higher
the cost of your insurance (cost to
fix it is higher)
8. Type of Vehicle - SUV cost more
because of the risk of roll-over
9. Some insurance companies will offer
a discount for drivers who complete
a driver education program
10.Some companies offer discounts to
drivers with grades of “B” or higher
11.Companies also give discounts to
drivers of cars with air bags, antilock
brakes, alarms and drivers who park
their cars inside a garage
FYI
Typically insurance companies will
only pay damages up to a vehicle’s
“book” value.
This is usually far less than what an
owner thinks the vehicle is worth.
Special or custom equipment may not
be covered unless it was specifically
stated in the insurance policy.