Florida's minimum insurance laws stipulate you must maintain $10,000 in PIP coverage, but it may be in your best interest to carry a higher amount. Consider the cost of medical care after a severe accident—a hospital visit alone can amount to several thousand dollars. Surgery, even outpatient procedures, rarely cost under $10,000. If you do not have enough PIP insurance coverage, you may have to pay the additional costs out of pocket.
Aside from medical expenses, your PIP benefits also can defray the losses you incur from being unable to work after an accident. Your PIP limits should cover the lost wages during this time, but if you do not have enough coverage, you may feel financial pressure from a lack of insurance again. After a severe car accident, it's too late to add more coverage to your policy—once reported to the insurance company, you cannot change your policy until your claim resolves.
This fact is why you must evaluate your policy regularly. Make sure you have the proper coverage limits from the start, rather than lamenting your lack of coverage later after an accident. When you purchase a PIP policy in Florida, you can choose a higher deductible and whether you want to cover work loss. Drivers who pay higher deductibles get to pay lower premiums.