What If I Was Hit By A Self-Insured Driver?
For the majority of drivers, purchasing auto insurance coverage from a reputable company is the most efficient way to secure coverage for their vehicles in the state of Florida. That said, it is possible to self-insure, but to do so you need to file for approval and meet specific requirements in order to have your requests granted.
A self-insured motorist is taking on all of the fiscal responsibility in the event of a crash. Some believe this is less expensive over a lifetime of driving because there are no premiums to pay and if there is a small accident those expenses can be paid out-of-pocket. Of course, in the event of a major accident, expenses can balloon and be damaging to a person’s financial future.
If you were involved in an accident with a self-insured driver, talk to a skilled Orlando car accident lawyer about how to secure the full compensation you need to pay for the expenses you’ve incurred in a Florida traffic collision.
Net Worth, Vehicles, and Who Is Driving
Not everyone is a good candidate for a self insurance option. But there are situations where it makes sense. For example, if a business has a lot of vehicles and does a cost-benefit report on how often the vehicles are driven and how much insurance costs annually, they may find it makes sense to pursue self insurance. For personal vehicles, self insurance may be the right choice for a driver who is unable to access traditional insurance and has access to independent wealth.
To be approved as a self-insured driver in Florida, you need to submit the following for approval.
- Net worth documentation. A notarized statement needs to contain proof you have over $40,000 in assets.
- Compilation of vehicles. All the vehicles that will be self insured need to be submitted in list form, including the VIN, license plate, make, year, and model of each vehicle.
- List of drivers. Additionally, a list of the names, driver’s license numbers, and social security numbers of all drivers that will be operating the vehicles needs to be submitted.
There are strict requirements in Florida about vehicular insurance, and most drivers choose to select a policy offered by a large insurance company. That said, there are times when individuals are not insured or have self insurance rather than being covered by a company. Each situation is unique, talk to a seasoned Orlando car accident lawyer about your accident and how to pursue damage recovery.
Are you confused about how to obtain the settlement you deserve because you were involved in a traffic crash with a self-insured motorist? Contact the personal injury attorneys at Israoui Law to learn more about self insurance and your rights to damage recovery. Our seasoned Florida lawyers know how to handle every type of personal injury claim, including those that don’t involve large insurance companies. We have successfully represented clients who were injured in car crashes, motorcycle collisions, and truck accidents. Schedule a free consultation today, call 407-381-4529.