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Well the insurance companies have done it again. After 30 years of personal injury experience, you would think I would be used to this by now. I guess I have to give these companies credit for being so smart and always finding new ways to line their pockets at the expense of the Florida consumer.

Rarely has any new insurance legislation over the past 20 years helped the consumer. We have watched the insurance industry systematically reduce benefits in our policies while increasing our premiums. This has been the case for every line of insurance including auto, home, life, health, workers comp, etc.

In the name of rampant PIP fraud in Florida, the property and casualty insurance companies got together and pushed hard for new PIP legislation. We do have fraud going on in places like Miami and Tampa. We also have just about every other kind of fraud in south Florida and always will. This new law is a perfect example of penalizing 98% of law abiding citizens in an effort to fix the 2%.

Back in 2011, the insurance companies pulled a fast one. In anticipation of the new PIP law that would pass in 2012, they decided it would be a good time to raise their PIP premiums. According to the Office of Insurance Regulation, 86% of the auto insurance carriers in Florida filed for double digit rate increases for PIP coverage. See, they knew that the new PIP law would require them to reduce PIP premiums, so what better way to fool everyone than to raise premiums before the law changed and then when they reduced them later, they would be right back where they started.

If that was all there was to it, that would be terrible right? Guess what? The new PIP law in Florida allows insurance companies to limit their benefits to only $2,500 vs. $10,000 if it is determined that someone doesn’t have an emergency medical condition. So now, premiums are higher and benefits are less than half. I could go on and on and probably will in a later blog.

So when the Florida Office of Insurance Regulation comes out with a Press Release saying “Personal Injury Protection (PIP) Premiums Going Down for Most Florida Drivers”, all I can say is “GIVE ME A BREAK”