What happen with the new No-Fault Law?
What will happen to my auto insurance if Florida repeals the state’s No-Fault Law? In public opinion, there is a great debate about whether Governor Ron DeSantis should sign the legal proposal approved in Congress that ends the No-Fault Law in force in Florida five decades ago.
All specialists agree that if finally, the governor ratifies the rule, people who currently have the minimum insurance allowed in the state will have to pay more money as they are forced to buy more expensive coverage. By law, they would have to purchase a policy for $ 25,000 against bodily injury or Bodily Injury, which would protect victims after an accident.
The new rule would also require coverage to insure property damage or Property Damage and recommend having MED Pay insurance valued between $ 5,000 to $ 10,000.
Although the rise seems unfair, especially after such a hard year due to the pandemic, some experts on the matter argue that the victims of the accidents would benefit the most. On the other hand, the price of premiums would not escalate as much, year-over-year, as is currently the case, fueled by the numerous fraud against insurers facilitated by Personal Injury Protection or PIP coverage and the no-fault law. What will happen to my auto insurance if Florida repeals the state’s No-Fault Law?
Whatever the influence of SB-54 signing on auto insurance, remember that at Univista Insurance you can always find the cheapest auto insurance in all of South Florida.