New Florida invoice may result in 50% auto insurance coverage charge will increase

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A new law in Florida could mean an increase in car insurance rates of up to 50% if signed by Governor Ron DeSantis.

If the law goes into effect, which aims to reform the Florida Motor Vehicle No-Fault Laws, drivers wearing the bare minimum of $ 10,000 personal protection insurance would pay about $ 300 a year.

John Gardner, owner of Lee County Insurance Agency, told local NBC-2 news agency (WBBH-TV) that about 26% of motorists on the road meet minimum personal injury coverage limits. He also pointed out that drivers who have $ 25,000 accident insurance may not see their tariffs change.

However, the agency owner shared its concerns that the increase in tariffs could lead to more fraud.

“There is a possibility that $ 25,000 may be tied up in pain and suffering if there may or not be significant injury,” Gardner said.

A report by independent insurance and management consultancy firm Pinnacle Actuarial Resources for the Florida Office of Insurance Regulation stated that the repeal of the state’s flawless insurance system would result in an overall premium increase of 13.3% for all covers combined – about $ 202 per car annually for the average vehicle.