Florida No Fault PIP Rates Down Since Law Change
Florida’s top insurance regulator says a contentious fix to auto insurance laws is driving down premiums.
Insurance Commissioner Kevin McCarty said Wednesday that a preliminary analysis shows a 25 percent decrease in no-fault Personal Injury Protection rates since legislators changed the law in 2012. The analysis looked at the top 20 companies.
Florida legislators passed the state’s no-fault insurance law in the early 1970s to ensure that anyone hurt in an automobile wreck could obtain medical treatment without delay.
The law provides that a driver’s insurance company pay up to $10,000. All Florida drivers are required to carry PIP insurance. But over the years authorities contend the state became a leading state for staged accidents.
The 2012 law put limits on coverage, but it has been challenged in court.