Draft report: New PIP law could revoke premiums adult to 20 percent

The association hired to weigh Florida’s new PIP law has given rough estimates that a reforms could revoke PIP premiums between 12 and 20 percent starting in 2013.

This information is contained in a breeze duplicate of a report, that was given to a Office of Insurance Regulation this week. There could be additional changes before a news is finalized and common with a administrator and Legislature by a Sept. 15 deadline.

The news was constructed by Pinnacle Actuarial Resources, a Bloomington, Ill.-based company. The saving are formed on a arrogance that a new PIP laws will revoke a volume word companies compensate out in claims between 14 and 23 percent.

The news cautions, however, that altogether automobile word premiums could continue to rise. The PIP reductions — if they start — could simply equivalent other increases, a news said.

Under a new PIP remodel law, people harmed in a automobile collision have adult to 14 days to find initial treatment. Those dynamic to have an puncture medical condition can use a whole $10,000 PIP coverage. All others can usually accept adult to $2,500 in diagnosis underneath PIP.

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