You don’t want to have a car accident in Florida, according to a new study released by WalletHub last week. Their numbers ranked states on how ‘safe’ it is for drivers’ finances after an accident. The study placed Florida dead last among 50 states and the District of Columbia—which means driving in the Sunshine State can be risky to your wallet.
In producing the rankings, WalletHub looked at whether drivers had insurance and whether that insurance would be enough to cover the damages in the event of a car accident. They found significant differences between states. Specifically, the study took into account available car liability insurance to protect others, other forms of required insurance to protect drivers, and the percentage of uninsured drivers in each state.
When those three factors come together, Florida holds the dubious distinction of being the “worst state to get into a car crash,” WalletHub says. Here’s why:
- Insurance requirements in Florida are lower than in most other states. Florida drivers are only required to carry minimum liability coverage of $10,000 per person. The amount goes up to a $20,000 minimum for accidents involving multiple parties. By comparison, Maine and Alaska—the states ranked highest—both require $50,000 in coverage up to two people and $25,000 in property damage insurance, according to WalletHub.
- A high percentage of Florida drivers are uninsured. According to the study, 23.8 percent of drivers carry no auto insurance. Florida is only surpassed by Oklahoma, which has 25.9 percent uninsured drivers on the road. The best state where drivers have coverage is Massachusetts—only 3.9 percent of their drivers are uninsured
- Florida does not require additional forms of insurance coverage to protect drivers. Although Florida does require personal injury protection (PIP) coverage, the state does not require medical payment coverage or uninsured motorist coverage for bodily injuries or personal damage.
What can Florida drivers do? Experts recommend spending a few extra dollars to add uninsured/underinsured motorist coverage to your auto insurance policy to offer protection.