FL PIP auto insurance is on its way out!
House Bill 719 and Senate Bill 54 would also create a new framework to govern motor vehicle claims handling and third-party bad faith failure to settle actions against motor vehicle insurance carriers. The bills also require policies include a medical payments option of $5,000, though under the House version insureds can opt out of purchasing the coverage.
SB 54’s minimum liability requirements for motor vehicle ownership or operation include:
- For bodily injury (BI) or death of one person in any one crash, $25,000, and, subject to that limit for one person, $50,000 for BI or death of two or more people in any one crash.
- Retaining the existing $10,000 financial responsibility requirement for property damage.
- Eliminating the limitations on recovering pain and suffering damages from PIP insurers, which currently require bodily injury that causes death or significant and permanent injury.
Insurers may also offer medical payments coverage with limits of $10,000, without a deductible, to cover medical expenses of the insured. Insurers can offer other policy limits that exceed $5,000 and may offer deductibles of up to $500. SB 54 requires that insurers must reserve the first $5,000 of MedPay benefits for 30 days to pay providers of emergency services or hospital inpatient care.
To determine how this may effect you please contact your auto insurance company.
if you have questions of a legal nature regarding your consumer rights please contact us to discuss.