Who could argue with a major auto-insurance price reduction?
State Farm, Florida’s largest auto insurer with more than 20 percent of the market, plans to cut rates by 16 percent on October 1 Other companies are expected to announce their reductions soon.
But there’s a catch. The price decrease comes with the elimination of Florida’s no-fault auto-insurance system, which is set to expire Oct. 1 That likely will prompt price increases elsewhere. Without mandatory no-fault medical coverage, known as personal injury protection, or PIP, motorists and their passengers will no longer automatically have $ 10000 worth of insurance per person to pay their medical bills and lost wages car accidents.
Health insurance will step in for those who have it. But rate increases for health coverage are already in the works to account for the change.
Meanwhile, some 2.8 million Floridians do not have health coverage. That’s a significant number, given that some 94 percent to 96 percent of all drivers are currently insured with the mandatory PIP coverage, according to the Florida Department of Highway Safety and Motor Vehicles.
Ending mandatory no-fault insurance in Florida may end requirements to register a car and increase the number of uninsured driving in the road, according to a department official. The lapse of no-fault is also expected to bring additional auto accident-related pain and suffering lawsuits to the courts because such actions are barred under the current no-fault law.
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