What Will Happen to My Auto Insurance if the No-Fault Law in Florida is Repealed? There is a great public debate about whether Governor Ron DeSantis should sign the legal proposal approved in Congress that would end the No-Fault Law in Florida, which has been in effect for five decades.
All experts agree that if the governor ultimately ratifies the law, individuals who currently have the minimum required insurance in the state will have to pay more money as they will be obligated to purchase more expensive coverage. By law, they would be required to obtain a policy with $25,000 coverage for Bodily Injury, which would protect victims after an accident.
The new law would also require having coverage to insure damage to other people’s property, known as Property Damage, and would recommend having MED Pay insurance valued between $5,000 to $10,000.
Although the premium increase may seem unfair, especially after such a challenging year due to the pandemic, some experts in the field argue that accident victims would be the ones benefiting the most. On the other hand, the price of premiums would not escalate as much, year after year, as it currently does, driven by the numerous fraudulent claims against insurers facilitated by the Personal Injury Protection (PIP) coverage and the no-fault law.
Regardless of the impact of the SB-54 bill on auto insurance, remember that at Univista Insurance, you can always find the cheapest auto insurance in all of South Florida. What Will Happen to My Auto Insurance if the No-Fault Law in Florida is Repealed?
Call us today for a full qualification! 305-508-9575. You can also quote for free here.
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