I must say this article makes it sound like Floridians are going to be rich with the elimination of PIP.
PIP is a PITA and yes frivilous claims are paid through it but I don’t believe that it will be that much of a savings per individual household and the savings will likely be made up with some increase at a later point in time.
On that note and on the other hand it will save the Insurance companies a bundle.
These are some very excellent points.The cost of coverage in Fl that provides 20/50 can provide you 50/100 in another state.
Florida’s BI and UIM coverages are terrible! They barely cover a one night stay in a hospital for a semi-serious injury.
I guess health insurance will have it’s next round with Floridians.
The no-fault system was supposed to provide quick and fair compensation following an accident. For decades, drivers were required to carry the $10,000 policy to pay for the cost of their own injuries in an accident, regardless of who was at fault. Why would you need this?
you need it because it includes property damage liability for the poor people driving that would carry nothing and leave you with a damaged or totalled car……
The reason Floida went to the no fault system in the 70s was because of the auto “liability” crisis taking place at the time. Rates were through the roof, and the trial attorneys bogged down the court system with comparitive negligence cases.
If PIP were such a burden on the carriers, then why are the companies pushing for auto business.
In the end, the consumers are going to get screwed as well as our hospitals who are forced to treat emergency room patients. many of whom do not have health insurance. In the end we’ll all being paying more and the lawyers will be laughing all the way to the bank.
We’re already paying. Even the state estimates 33% of drivers have no insurance. THAT should be their first priority. Oklahoma actually seizes vehicles that aren’t insured, Fla should take a lesson in that theory. Judging by the states figures, it would cut down on traffic, too. LOL
It’s supposed to be a $2500 fine for causing an accident and not being insured. But try getting that enforced. It’s also supposed to be a $500 fine for driving with no insurance. Even on the rare occasion you might actually get that ticket, it’s over $1000 less then the premiums.
So all the changes to insurance rules in the world mean nothing if the “penalty” for not having it is saving a few thousand dollars a year.
I was in an accident 3 years ago. The other driver was a 17 year old. His mother did not have any insurance on the vehicle. The kid claimed injuries and even though he (and his mother)were in non-compliance with the law, my auto carrier (Hartford) paid this kid for his supposed injuries. Give me a break!
I am surprised by the insurance industry representative’s comment that the tort system will save Florida policyholders money. No Fault was instituted to take the tort system out of minor injuries. We were inundated with soft tissue injury litigation. How we forget!
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I must say this article makes it sound like Floridians are going to be rich with the elimination of PIP.
PIP is a PITA and yes frivilous claims are paid through it but I don’t believe that it will be that much of a savings per individual household and the savings will likely be made up with some increase at a later point in time.
On that note and on the other hand it will save the Insurance companies a bundle.
These are some very excellent points.The cost of coverage in Fl that provides 20/50 can provide you 50/100 in another state.
Florida’s BI and UIM coverages are terrible! They barely cover a one night stay in a hospital for a semi-serious injury.
I guess health insurance will have it’s next round with Floridians.
The no-fault system was supposed to provide quick and fair compensation following an accident. For decades, drivers were required to carry the $10,000 policy to pay for the cost of their own injuries in an accident, regardless of who was at fault. Why would you need this?
Um, the new system will also encourage fraud and costly litigation.
you need it because it includes property damage liability for the poor people driving that would carry nothing and leave you with a damaged or totalled car……
So who is going to pay for the person who has no health Insurance and is at fault in an accident. You and me again.
The reason Floida went to the no fault system in the 70s was because of the auto “liability” crisis taking place at the time. Rates were through the roof, and the trial attorneys bogged down the court system with comparitive negligence cases.
If PIP were such a burden on the carriers, then why are the companies pushing for auto business.
In the end, the consumers are going to get screwed as well as our hospitals who are forced to treat emergency room patients. many of whom do not have health insurance. In the end we’ll all being paying more and the lawyers will be laughing all the way to the bank.
We’re already paying. Even the state estimates 33% of drivers have no insurance. THAT should be their first priority. Oklahoma actually seizes vehicles that aren’t insured, Fla should take a lesson in that theory. Judging by the states figures, it would cut down on traffic, too. LOL
It’s supposed to be a $2500 fine for causing an accident and not being insured. But try getting that enforced. It’s also supposed to be a $500 fine for driving with no insurance. Even on the rare occasion you might actually get that ticket, it’s over $1000 less then the premiums.
So all the changes to insurance rules in the world mean nothing if the “penalty” for not having it is saving a few thousand dollars a year.
I was in an accident 3 years ago. The other driver was a 17 year old. His mother did not have any insurance on the vehicle. The kid claimed injuries and even though he (and his mother)were in non-compliance with the law, my auto carrier (Hartford) paid this kid for his supposed injuries. Give me a break!
I am surprised by the insurance industry representative’s comment that the tort system will save Florida policyholders money. No Fault was instituted to take the tort system out of minor injuries. We were inundated with soft tissue injury litigation. How we forget!