No-fault auto insurance expires on October 1st for those in Florida and many drivers are hoping for lower auto insurance premiums. Drivers will no longer have to purchase $10,000 in personal injury protection insurance. The changes though mean that insurance companies are raising the rates on other items so there may be marginal savings. In fact insurance premiums may go up for some drivers.
One reason drivers may see fractional savings is that insurers have raised rates on other auto coverages such as:
â€¢ Bodily injury liability, which pays medical bills for accident victims if you cause the accident.
â€¢ Uninsured motorist coverage, which pays medical bills if you’re in an accident with a driver who carries insufficient insurance.
State Farm has announced that their bodily injury liability premium will go up 9 percent for motorists across Florida. Opponents of the change worry that the amount of lawsuits will go up. Health insurance premiums may go up as well.
For more information on this subject matter, please refer to the section on Car and Motorcycle Accidents.