Florida personal-injury protection (PIP) premiums have dropped an average of 13.2% across the state, according to successive insurer rate filings—mandated by a 2012 law—in October 2012 and on Jan. 1, 2014.
The Florida Office of Insurance Regulation (OIR) released the figures based on filings from 20 auto insurers representing over 75% of the state's market. As PIP accounts for about 25% of the total auto-insurance premium cost, the OIR says the 13.2% decrease will result in an overall reduction of 3% to 4% for a policyholder, depending on coverage purchased.
The legislation requiring the rate filings, HB 119, was signed into law in May 2012. It was designed to help address fraud and abuse in the state's no-fault, PIP system by requiring claimants to seek treatment within 14 days of an accident from a hospital or physician and banning treatments from acupuncture and massage facilities. The bill also limits attorneys' fees, establishes stiff penalties for doctors who commit fraud and requires that claimants submit to an examination under oath from insurers.
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