Title: No-Fault/PIP is about to Expire
Category: full of life
Blog Entry: Yes, you read correctly. For those of you that have never read your car insurance policy everyone in FL is required to carry Personal Injury Protection coverage. This coverage basically provides each covered individual with $10,000.00 for injury protection (along with other supplements) whether it was your fault or someone else's.
This current law is set to expire on October 1, 2007. There has been alot of back and forth regardgin the renewal of this coverage since many critics contend that this coverage breeds fraud and endorses excess medical billing. Because of this debate no final decision has been made on whether to extend, renew, or change this law.
In the meantime many insurance company carriers are informing their customers of their options of replacement coverages if PIP were to in fact expire. But just in case you have not received such a letter from your carrier you may want to confirm what procedures they have in place.
In general it seems that many insurance companies will continue to provide PIP coverage for a specified period of time, or providing the option to purchase additional medical payment to make-up for the lost coverage.
Talks are still in the works, so we will soon find out what the final outcome will be.
Jennifer Salkey