I have said all along that the New Florida No Fault Auto Insurance Law, what I call “New PIP” was a complete and utter farce. This law was passed to save consumers money on auto insurance premiums. That is what the lawmakers told us.
Well, unfortunately, they flat out lied to us.
Bottom line, 72% of the carriers to file raised rates or kept rates exactly the same. This is significant, because in exchange for losing about 75% of your No Fault benefits, you were supposed to get lower rates. There was a supposed to be at least a 10% reduction in rates, if not more. Guess that didn’t work, huh?