Your PIP Insurance Rates
Posted By Garrett Riley || Aug 6, 2012
We have blogged before about the new changes to Florida’s Personal Injury Protection law. In analyzing the statutory changes, we have also questioned whether the new PIP law will result in lower insurance premiums for Florida’s drivers. The state Office of Insurance Regulation just released a report that found that while car insurance companies could end up paying 14-23% less in PIP claims based on the new law, car insurance rates may not drop. Some project that any savings consumers may see on their PIP premiums may be equaled out by rises in premiums for other coverages on their auto policies. For more information, click this to link to the article in the Tampa Bay Times.
Ultimately, we may not know until 2013 if the revamped PIP law will reduce premiums. The purpose of the law was to reduce car accident fraud and then in turn reduce premiums. In fact, under the new law, insurers are supposed to reduce PIP premiums by 10% on October 1 or explain why they cannot. How the new law affects the bottom line on our car insurance premiums is one thing, but how the new law will personally affect your car accident case is another. Speak with an experienced Tampa personal injury lawyer on what you need to know about Florida’s PIP law and your car insurance policy.