According to the new Pinnacle report, drivers who currently carry insurance that meets the minimum limit should brace themselves for a major premium increase.
In the analysis, Roosevelt C. Mosley Jr. wrote that “the impact on policyholders with minimum required coverage will be significant.”
The analysis says motorists with minimum coverage currently pay $585 a year on average for car insurance. If the no-fault repeal bill is signed, their premiums would shoot up to $868 a year.
Insurers have warned the repeal could send the auto insurance market into a tail spin.
I doubt he signs this. There’s too much uncertainty on how it will affect rates and this could hurt him politically if rates increase.
At least it closes the loophole that allows people to avoid purchasing BI.
Because the legislature is not in session the governor has 15 days to sign or veto. Hopefully he chooses to veto.
Tell me what about the $10,000 PIP program you like.
According to the new Pinnacle report, drivers who currently carry insurance that meets the minimum limit should brace themselves for a major premium increase.
In the analysis, Roosevelt C. Mosley Jr. wrote that “the impact on policyholders with minimum required coverage will be significant.”
The analysis says motorists with minimum coverage currently pay $585 a year on average for car insurance. If the no-fault repeal bill is signed, their premiums would shoot up to $868 a year.
Insurers have warned the repeal could send the auto insurance market into a tail spin.
https://www.floir.com/siteDocuments/FloridaOIRPIPRepealImpactFinalReport06142021.pdf