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RAMCO Insurance: Essential Insurance Terms & Coverage Guide
Personal Injury Protection (P.I.P.)
Personal Injury Protection (P.I.P.) covers medical expenses, lost wages, and essential household services for you, your family, and certain others involved in an auto accident—regardless of fault. In Florida, this coverage is mandatory and includes:
- 80% of medical expenses
- 60% of lost income
- Death benefits (if limits allow)
However, P.I.P. does not cover injuries sustained in vehicles owned by you or your family that are not listed on your policy or injuries to vehicle owners who are required to carry their own coverage.
Liability Coverage
Liability coverage protects you financially if you cause bodily injury or property damage to others. Florida law requires all drivers to have Property Damage Liability (PDL). This coverage does not extend to:
- Vehicles owned by you or your family that aren’t listed in the policy
- Vehicles with fewer than four wheels
- Claims involving household members
Medical Payments Coverage
Medical Payments Coverage (MedPay) supplements P.I.P. by covering medical expenses that P.I.P. does not fully reimburse. It also applies in situations where P.I.P. does not apply. Exclusions are similar to those found in Liability Coverage.
Uninsured/Underinsured Motorist Coverage (UM/UIM)
If you’re injured by a driver who lacks adequate insurance, Uninsured/Underinsured Motorist (UM/UIM) Coverage ensures you’re protected. This coverage applies if:
- The at-fault driver has no liability insurance
- The at-fault driver’s coverage is insufficient to cover your damages
- You are injured in a hit-and-run accident
You can choose between Stacked and Non-Stacked UM/UIM coverage:
- Stacked: Combines coverage from multiple insured vehicles for increased protection.
- Non-Stacked: Covers each accident up to a specific limit, regardless of how many vehicles you own.
Collision Coverage
Collision coverage helps pay for repairs or replacement of your vehicle if it is damaged due to a crash, rollover, or impact with another object.
Comprehensive Coverage
Comprehensive coverage protects your vehicle from non-collision incidents, such as:
- Fire
- Theft
- Weather damage
Exclusions may include certain electronic accessories, sound equipment, radar detectors, and custom modifications that haven’t been declared on the policy.
Additional Coverage Options
RAMCO Insurance offers optional endorsements to enhance your protection, including:
- Roadside Assistance – Covers towing and emergency labor costs
- Rental Car Reimbursement – Helps pay for a rental if your car is in the shop after a covered claim
Policy Renewal & Cancellation
🚨 Cancellation Guidelines:
- You can cancel your policy anytime after 60 days.
- Within the first 60 days, cancellation is only allowed if you no longer own the vehicle, it’s a total loss, or you have secured coverage elsewhere.
RAMCO Insurance Notification Policy:
🚨 Cancellation Guidelines:
- 10 days notice for cancellation due to non-payment
- 45 days notice for cancellation for other reasons
- 45 days notice if your policy will not be renewed
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