The state of Florida is known for its mandatory No Fault Insurance, also known as Personal Injury Protection (PIP) Insurance, which covers Florida drivers up to the limits of their insurance policy regardless of fault. This insurance plan covers a driver’s children, members of their household and other certain passengers who lack PIP Insurance as long as they do not own a vehicle.
As a result of some heavy-duty lobbying, the Florida Senate recently passed several reforms to the state’s No Fault Insurance.
In a measure that passed with a 22-17 vote, the Senate agreed to beef up the Motor Vehicle No-Fault Law to reduce fraud. Some people are claiming that the existing policy has added an astonishing $1.4 billion every year in insurance costs since 2004, although opponents argue that this is an overt exaggeration. The No Fault Insurance law has been in place since 1971, and the legislation provides that a driver’s license company is responsible for paying up to $10,000 to cover lost wages and medical bills after an accident.
This law has had a significant and costly impact on every driver in the state of Florida, and reports show that drivers pay around a total of $1 billion annually to make up losses. It is not uncommon for some neighborhoods in South Florida and the Tampa Bay area to pay several hundred dollars annually in addition to auto insurance premiums for the No-Fault Insurance coverage. Thanks to the recent reforms, insurance companies will be required to drop rates by 25% and accident victims will be required to seek medical treatment within 7 days of their accident, as opposed to 14 days previously given.
If you are a Florida driver who has been involved in a car accident, here is what you can expect from the No Fault, PIP, Insurance that you have been paying for since you registered your vehicle. If you were injured when you were rear-ended by another driver, your PIP insurance will pay for 80% of your medical bills and 60% of your lose wages. All drivers in the state are required to carry a minimum of $10,000 of property damage liability (PDL) in addition to the minimum $10,000 of Personal Injury Protection (PIP) throughout the entirety of their license and registration period.
However, if your injuries are quite severe, you need to realize that your $10,000 of PIP can be used up before you get out of the hospital. In this case, you need the help of a Tampa personal injury attorney who can help you seek the compensation you need from the driver responsible for your injuries. For more information on how the changes to the PIP insurance law will affect you, contact a knowledgeable Tampa personal injury lawyer.
