According to the Florida Office of Insurance Regulation, the average driver would have to pay over $200 more.
A new analysis of the bill to repeal the Florida no fault auto insurance system has cautioned that drivers will have to pay considerably more money for coverage if it passes.
If Governor DeSantis signs the bill, drivers will pay an average of $202 more, said the report.
The report pointed to an analysis that showed that if the bill does pass, the no fault auto insurance repeal will cause the highest premiums increases among those who purchase the minimum coverage. In Florida, about 40 percent of the motorists who carry the cheapest coverage will see the highest premiums increases, as high as 77 percent, said the analysis. However, South Florida drivers will see the lowest increases. That said, those drivers are already paying some of the highest rates in the country.
The analysis was conducted by Pinnacle Actuarial Resources and was commissioned by the Florida Office of Insurance Regulation. That said, the results of the analysis were not released ahead of the April vote by the Legislature to repeal the law. The House passed the bill by a vote of 99-11, and it passed in the Senate by a vote of 38-1. This was the first serious movement a bill has seen in years, as there hasn’t been any action on repeal proposals in quite a while.
The no fault auto insurance law in Florida requires drivers to carry PIP when registering vehicles.
Personal injury protection (PIP) policies are required for legally registering and tagging vehicles. PIP must provide up to $10,000 for their own medical, disability and funeral expenses, regardless of whether another driver involved in a collision has their own coverage.
The no fault auto insurance system repeal bill that has passed the House and Senate would eliminate the requirement to purchase PIP and would instead require motorists to purchase a policy that would pay for the medical care of drivers and passengers in vehicles they crash into in a collision. This coverage involves a required $25,000 per occupant and $50,000 per incident. Motorists would also need to purchase a $5,000 death benefit and would need to provide an option for buying personal injury coverage of at least $5,000.