The Insurance industry is plays a vital role in a free market economy. It protects the society from the adverse financial effects of death, injury, accidents damage to property etc. The policy holder transfers his risk by paying a premium, to the insurance company in return for which the insured is issued an insurance policy that will reimburse him in the event of a loss, the nature of which is specified by the policy.
The U.S insurance industry comprises1600 life/ health insurance and 3000 property/ casualty insurance companies and reinsurance companies. It is the world larges insurance market, and accounts for almost one-third of the world's insurance premium at 2.2 trillion dollars.
The U.S insurance industry leads the world in property and casualty insurance or general insurance. In 1998, 43.4 percent of the world insurance premiums were generated in U.S.A alone.
Auto Insurance in Florida : Here are some insurance details which you should be aware of if you are buying insurance in Florida.
Bodily Injury Limit: Bodily injury limit is the maximum amount the insurance company will pay when the policy holder becomes legally liable for death or bodily injury caused by an auto accident.
Property Damage Limit: This is the maximum amount an insurance company will pay when the policy holder becomes legally liable for damage of an in individual's property
by an auto accident.
In Florida an individual must have a minimum coverage of $10,000 for bodily injury to one person, $20,000 for bodily injury to two or more people and $10,000 for property damage of another person.
Common Exclusions: Payment of damages is applicable only during normal use of the vehicle. For example it is not applicable under these circumstances:-
- Bodily harm or property y damage caused while transporting property or a person for a fee.
- Injury or damage caused intentionally.
- If the policy holder is using a vehicle not covered by the policy.
- Property owned by or rented by the policy holder.
Personal Injury Protection in Florida: Personal Injury protection or no fault coverage is a legal requirement in Florida. PIP covers injury caused by an accident with an insured vehicle, caused to an insured person. It does not take into account whose fault the accident was.
It is extended to:-
• An individual in a vehicle not owned by him/her
• The individual's child or child in the individual's household if he/she was injured in a school bus.
• A pedestrian or bicyclist
• Residents or dependents in the individual's home
• Licensed drivers who drive the individual's vehicle with his permission.
Florida Auto Insurance Statistics : The average expenditure on insured vehicles is highest in the state of Florida. As on 2003, the average expenditure on vehicles in Florida stood at $788.02, much higher than the national average of $717.70. Florida ranks thirteenth in terms of average premium costs. This states combine average premiums stood at $835.79 as on 1998. Florida also ranked 12 th on liability premiums, with average premium of $482.16.
Florida Auto Insurance Companies: Florida has over 425 auto insurance companies vying for business. Here are some contact details of major players in the Florida Auto Insurance industry:-
State Farm Mutual Auto Insurance Company
The company has its dominance in the personal Injury Protection (PIP) private passenger market.
Chris Neal, Assistant Manager, Marketing and Public Affairs
Winter Haven, FL 33888
Phone: 863-318-4230
Fax: 863-318-3799
chris.neal.c3mq@statefarm.com
Allstate and Allstate Floridian
The company deals with the PIP business.
Adam Shores, Senior Communications Consultant
St. Petersburg, FL
Phone: (727) 573-6953
Fax: (727) 572-6524
ashba@allstate.com
MetLife Auto & Home
Joe Madden, Assistant Vice President, Corporate Communications Warwick, RI
Phone: 401-827-2015
Fax: 401-827-2405
jmadden@metlife.com
St. Paul Travelers/Travelers of Florida
Nancy Baily, President & CEO
Tampa, FL
Phone: (813) 890-4332
Fax: (813) 890-4439
nancy.baily@stpaultravelers.com
