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Will repealing Florida’s No-Fault auto insurance lead to lower rates or higher costs?

Will repealing Florida’s No-Fault auto insurance lead to lower rates or higher costs?

by admin
March 28, 2025
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It is no secret that Floridians are paying a number of the highest auto insurance coverage charges within the nation. And now there is a invoice, HB 1181, making its manner via Florida’s Capitol that hopes to assist. The proposed regulation would repeal No-Fault Insurance coverage in Florida.Mark Friedlander with the Insurance coverage Data Institute stated this can solely drive premiums up and gave an instance.”In 2003, the state of Colorado shifted from a no-fault to an at-fault system with guarantees by lawmakers,” stated Friedlander. “It was going to carry down charges whereas the other occurred. Charges steadily elevated yr after yr.”The present no-fault system covers drivers’ medical payments, no matter who prompted the accident.NO-FAULT: No-fault auto insurance coverage legal guidelines require each driver to file a declare with their very own insurance coverage firm after an accident, no matter who was at fault. In states with no-fault legal guidelines, all drivers are required to buy private harm safety (PIP) as a part of their auto insurance coverage insurance policies.However this new proposal might change that — shifting to an at-fault system, the place the driving force liable for the accident would pay.AT-FAULT: In at-fault insurance coverage programs, the driving force liable for an accident is responsible for damages, and their insurance coverage covers the opposite celebration’s prices, together with automobile repairs and medical care. In at-fault programs, bodily harm protection is required. It’s elective in Florida.”Whenever you trigger an accident, your bodily harm protection, you probably have it, will compensate the individual you injured to guard you from a lawsuit or a judgment that might doubtlessly take away your property or issues that you just labored onerous for,” stated Michael Politis, a Port Orange private harm legal professional.Supporters of the invoice, like Politis, consider the at-fault system is fairer and fewer vulnerable to fraud.”The proposed laws that requires obligatory bodily harm protection of $25,000 and $10,000 in property injury, I feel, goes to assist the person individual within the occasion they’re the sufferer of a motorcar accident.”Nevertheless, Friedlander says this can result in extra lawsuits, which can enhance premium prices.”A change within the system couldn’t solely enhance charges for everyone, but additionally enhance the amount of lawsuits,” stated Friedlander. “And when you’ve a rise within the quantity of lawsuits, meaning extra bills for insurers, greater charges. So we predict it is going to do the other to what the invoice sponsors are saying.”

It is no secret that Floridians are paying a number of the highest auto insurance coverage charges within the nation. And now there is a invoice, HB 1181, making its manner via Florida’s Capitol that hopes to assist.

The proposed regulation would repeal No-Fault Insurance coverage in Florida.

Mark Friedlander with the Insurance coverage Data Institute stated this can solely drive premiums up and gave an instance.

“In 2003, the state of Colorado shifted from a no-fault to an at-fault system with guarantees by lawmakers,” stated Friedlander. “It was going to carry down charges whereas the other occurred. Charges steadily elevated yr after yr.”

The present no-fault system covers drivers’ medical payments, no matter who prompted the accident.

NO-FAULT: No-fault auto insurance coverage legal guidelines require each driver to file a declare with their very own insurance coverage firm after an accident, no matter who was at fault. In states with no-fault legal guidelines, all drivers are required to buy private harm safety (PIP) as a part of their auto insurance coverage insurance policies.

However this new proposal might change that — shifting to an at-fault system, the place the driving force liable for the accident would pay.

AT-FAULT: In at-fault insurance coverage programs, the driving force liable for an accident is responsible for damages, and their insurance coverage covers the opposite celebration’s prices, together with automobile repairs and medical care. In at-fault programs, bodily harm protection is required. It’s elective in Florida.

“Whenever you trigger an accident, your bodily harm protection, you probably have it, will compensate the individual you injured to guard you from a lawsuit or a judgment that might doubtlessly take away your property or issues that you just labored onerous for,” stated Michael Politis, a Port Orange private harm legal professional.

Supporters of the invoice, like Politis, consider the at-fault system is fairer and fewer vulnerable to fraud.

“The proposed laws that requires obligatory bodily harm protection of $25,000 and $10,000 in property injury, I feel, goes to assist the person individual within the occasion they’re the sufferer of a motorcar accident.”

Nevertheless, Friedlander says this can result in extra lawsuits, which can enhance premium prices.

“A change within the system couldn’t solely enhance charges for everyone, but additionally enhance the amount of lawsuits,” stated Friedlander. “And when you’ve a rise within the quantity of lawsuits, meaning extra bills for insurers, greater charges. So we predict it is going to do the other to what the invoice sponsors are saying.”



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Tags: AutocostsFloridashigherinsuranceleadNoFaultratesrepealing

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