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no-fault insurance

House, Senate bills to repeal PIP clear committees despite questions, differences

in 2017 by

Florida lawmakers appear to be taking steps to repeal a state law requiring personal injury protection coverage, but differences remain between the House and Senate proposals. The Senate Banking and Insurance Committee voted 8-1 to approve a bill (SB 1766) that would repeal the Florida Motor Vehicle No-Fault Law, replacing the PIP mandate with a requirement that motorists carry bodily injury protection. The Senate proposal, sponsored by Hillsborough County Republican Sen. Tom Lee, would create a medical payment, or MedPay,…

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No-fault insurance reforms appear to be lowering costs

in Statewide by

Legislation targeting auto insurance fraud has produced savings on personal-injury claims of 17. 5 percent, and reduced premiums by a little more than 15 percent. Claim frequency and severity were reduced, too — by 10.2 percent and nearly 11 percent, respectively, producing a reduction in total loss costs of 20 percent. That compared to an increase in average loss costs of more than 4 percent elsewhere in the United States, according to an analysis conducted for the Florida Office of…

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