The new Personal Injury Protection (“PIP”) law is designed to crack down on no-fault auto insurance fraud may not be actually be saving money. Reports indicate that this new law does little to help insurance companies, as well as Florida drivers, save money. “Any potential savings coming on the personal injury protection portion of a policy is so slight that it is likely to be offset by increases in other parts of the coverage.”
The “new” PIP law, which took effect in July of this past year, limits benefits to $2,500 unless a medical professional determines the accident victim is suffering from an “emergency medical condition.” “Medical professional” includes doctors, osteopathic physician, dentist or a supervised physician’s assistant or advanced registered nurse practitioner, but excludes chiropractors. Prior to the change, $10,000 was the maximum amount insurance companies were required to pay for medical bills and lost wages, no matter who was at fault for the accident.
New PIP Law Begins, But Will You Pay Less?, www.miami.cbslocal.com January 01, 2013