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State To Study End Of ‘No-Fault’ Insurance
May 19, 2016
The state plans to undertake a study that would determine what would happen if Florida’s no-fault auto insurance program is scrapped.
According to a request for proposals posted by the Office of Insurance Regulation, the study is expected to find “the potential impact to Floridians if the personal injury protection coverage requirements were repealed and replaced with varying levels of bodily injury coverage, or if the current requirements to purchase auto insurance were completely repealed.”
The no-fault system is commonly referred to as “PIP,” which is shorthand for personal-injury protection coverage.
The objective of the study, which was first reported by The Palm Beach Post, is also to determine the effect of a 2012 law intended to reduce fraud in the no-fault system. An actuarial consulting firm is expected to be awarded the contract for the study on May 27, with the study expected to cost up to $125,000. A draft of the study’s findings is expected to be completed by Aug. 26, with a final report presented to Gov. Rick Scott, the Senate president and House speaker on Sept. 2.
Under the decades-old no-fault system, motorists are required to carry personal-injury protection coverage that includes $10,000 in medical benefits.
by The News Service of Florida
Comments
3 Responses to “State To Study End Of ‘No-Fault’ Insurance”
The old saying “If it’s not broke, then don’t fix it”. The Office of Insurance Regulation needs to leave the insurance alone. I don’t like paying it, but I find it very important to do so. It protects me and protects the other drivers too. If you didn’t get that part in the article “potential impact to Floridians”, it will definitely be hard to collect your insurance when an accident occurs. If it’s not required to have, then you won’t know if the other driver has insurance or not. You better hope he does. Auto insurance needs to be required in Florida and proof given when purchasing a tag. There were times when life was rough going for me, but I always managed to pay my auto insurance. You could end up getting your car totaled, then won’t have a car. Who is going to pay for it ?
@Ricky so if a distracted driver hits you and your family, destroying you car and injuring your loved ones to the tune of a couple hundred thousand dollars, who is going to pay for that?
You should not be forced to have auto insurance. This is just a way to take out hard earned money.