As I have predicted all along, the New Florida PIP law, also know as HB 119, will not actually save Floridians any insurance premium money. Check this article out: http://www.thefloridacurrent.com/article.cfm?id=28635432.
As discussed in the same, the early rate filings of PIP insurers do not actually reflect any savings in premium dollars for Florida insureds. Instead, we see that the State is approving 8% rate hikes, at least to Florida Farm Bureau. The new law was supposed to mandate a 10% decrease in premiums, not the direct opposite. Again, this is just one sign and strong indication that this law will ultimately completely miss its mark and fail.
You can blame Governor Rick Scott and his allies in the State House and Senate (Rep. Jim Boyd in particular). The Governor flatly rejected a better bill put forth by Senator Joe Negron, which would have mandated a 25% rate reduction. Instead, the Governor forced a bill that requires no rate reduction at all. The Florida Farm Bureau filing confirms the same.
Knowledge Equals Power in Orlando Auto Accident Cases
Don’t be fooled at the poles this year. Look for legislators who really want to tackle Florida’s auto insurance woes, not just reward their insurance company contributors.