Does big insurance control the state legislature? First we have special session to deal with property insurance that in the end did nothing. Insurance companies still raised their rates and cancelled policies.
Now Florida’s no-fault auto insurance law is set to expire on Oct. 1, unless the lawmakers re-enact it. Auto insurers are the ones who pushed to sunset the no-fault law, saying the system is rife with fraud. They have promised price reductions on policies should the law expire in October – but nothing in writing.
If the no-fault law expires, the requirement for every auto owner statewide to purchase personal-injury protection (PIP) coverage will, too. This coverage now pays the first $10,000 of the driver’s and passengers’ medical costs regardless of fault.
State CFO Alex Sink said in press release Monday – “The best advice we can give to consumers is to purchase enough auto insurance coverage to provide proper medical treatment for themselves and families and to protect that family’s financial assets.”
Who does this really help? The insurance companies.