With Florida's no-fault auto insurance law due to expire in seven weeks, the state's chief financial officer announced that her Web site is posting information explaining what the legal change will mean for consumers.
CFO Alex Sink said by visiting MyFloridaCFO.com online and clicking on the "Life without No-Fault" link, the public can learn about the new insurance laws in effect after the sunset of No-Fault.
In the absence of legislative action, Florida's Motor Vehicle No-Fault Law will expire on Oct. 1, with the requirement to purchase personal injury protection (PIP) coverage. "Beginning Oct. 1, whether someone is at fault in an accident could make all the difference as to which driver will be liable to pay for damages," her statement noted.
"The best advice we can give to consumers is to purchase enough auto insurance coverage to provide proper medical treatment for themselves and their families," said CFO Sink, who oversees the Department of Financial Services.
"In the event someone is at fault in an accident after the expiration of No-Fault, sufficient auto insurance coverage can help protect that family's financial assets," Ms. Sink added.
"Life without No-Fault," according to the announcement, contains answers to frequently asked questions and the definitions of popular insurance terms. Floridians can review a chart, prepared by the Ft. Myers News-Press, detailing which driver in an accident is liable for payment of injuries or damages. Additionally, consumers will find Ms. Sink's previous outline of policy considerations without No-Fault.
One of the largest changes for consumers will be that payment for injuries sustained during an accident will now be the financial responsibility of the at-fault driver. Under the current No-Fault Law, Florida drivers and motor vehicle operators are required to carry PIP coverage, which would pay the first $10,000 of the drivers' (and their passengers') medical costs, regardless of fault.
The CFO's office said that many of Florida's insurance and financial consumers who contact the department's helpline have begun to ask about the upcoming changes in Florida's auto insurance laws.
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