There are three states in the US which do not require motorcyclists to carry an insurance policy on their bikes: Montana, Washington state, and Florida. In the 47 other states, riders must carry liability coverage, and there are minimum requirements for liability coverage amounts.
With the economy these days, most motorcyclists, like everyone else on the road, are trying to cut their monthly costs as much as possible. If you ride a motorcycle in Florida, the temptation to drop your motorcycle insurance policy could be strong. Surely you have heard the arguments against doing so time and again: you could be on the hook for payment of damages for which you are found to be at fault in an accident, you could drop your bike and not have the money to repair it, motorcycle theft rates are high, etc. And all of these reasons, though valid, are nonetheless easy to ignore if you just want to save up to a $100 or more per month by dropping your coverage. However, there is another lesser-known but very important factor to consider:
Motorcyclists Under Florida’s Financial Responsibility Law
Although motorcycle insurance Florida is not mandatory, the state’s Financial Responsibility Law does cover motorcycles and their owners. That means that although you don’t have to have an insurance policy, you do have to be financially responsible. If you are involved in an accident or pulled over for a DUI or other violation which falls beneath this law, and you cannot pay, you will have proven yourself not to be financially responsible. That means you will be subject to heavy penalties, which may include losing your drivers license, as well as suspension of your registration and tags.
To get your riding privileges reinstated, you could be required to subject proof to the state of SR-22 high risk motorcycle insurance for a period of up to three years. Additionally, you may need to request, receive, and send to the state a legal document from the other party’s insurance company which states that you have either a) paid for damages, or b) made an arrangement to pay. If you miss a payment, the other person’s insurance company could have the state re-suspend your license.
For these reasons, it is very important that you do carry motorcycle insurance in the state of Florida. Remember that coverage does not have to be exorbitant. You can often compare rates online to find the very best motorcycle insurance company for your needs.