Republican legislators in Florida have allotted $125,000 for the study of what it would mean for the Sunshine State to get rid of he system of no-fault car insurance (PIP – personal injury protection) that has been in place for more than 40 years.
Lawmakers reportedly had hoped that legal changes four years ago would lower payments for consumers. However, Florida’s top insurers show that since the beginning of last year, auto insurance premiums are up 40 percent.
Now, records from the state’s Department of Financial Services show officials picked an outside research firm to investigate the effect that nixing no-fault will have. A draft of the report is due at the end of August, with the final report due soon after. Continue reading