What You Should Know About Personal Injury Protection In Florida
Personal Injury Protection or PIP is an auto insurance extension that is available in 17 states including Florida. It covers an individual’s hospital and medical expenses, but in some instances, it also covers damages and lost wages. Since the state statutes that were passed into law regarding this type of insurance were “no-fault” laws, PIP is oftentimes referred to as no-fault insurance coverage. In other words, this type of coverage was designed to pay certain expenses that an individual incurred regardless of who was at fault in the accident.
PIP also refers to any insurance that includes personal injury coverage for defamation, emotional distress, and libel as well as physical injury. Although homeowner’s insurance typically covers any liabilities resulting from bodily injury, it does not cover any liability that is associated with emotional or mental injury. In March of 2012, the Florida Senate passed HB119 also known as the Personal Injury Protection (PIP) Law. The intention of the law was to impose limits on the amount of benefits, litigation, and monies that are paid out.
How The Law Impacts The Consumer
During the past decade, PIP claims and payments have increased dramatically despite the fact that the number of auto accidents has not increased significantly. According to the National Insurance Crime Bureau, several Florida cities have reported the highest number of what is referred to as “questionable claims” on a nationwide basis. This particular issue comprises nearly half of the fraud referrals occurring in the state. Interestingly enough, only 2% of the state’s collected insurance premiums are PIP-related.
So how does this affect the consumer? Basically, the minute you get involved in an auto accident, the clock starts ticking. In other words, you only have a certain length of time to hire an attorney, law firm, or personal injury lawyer and file your claim. This is because the new PIP law is more stringent and can make it extremely difficult for you to receive full medical benefits. According to the new PIP law, you must receive medical attention within 14 days of your involvement in an auto accident.
Recent News Regarding PIP Insurance
This past January, the Florida Office of Insurance Regulation released their preliminary analysis of the top 20 auto insurance companies PIP coverage rates. This encompassed over 75% of the consumer market here in Florida. PIP coverage accounts for roughly 25% of the overall all premium costs. The analysis was conducted two years in order to show how HB119 has positively affected the consumer. The results revealed that there was an average savings of 13.2% on PIP premiums.
When Should You Hire A Personal Injury Attorney?
Whenever you are injured in an auto accident that resulted from the negligence of another driver, you have no guarantees that their insurance company is going to pay for any medical expenses that you incur. Nor is there any guarantee that you will be compensated equitably for your injuries and the expenses that result. If you have been injured in an auto accident, there are certain times when you need to consider hiring a personal injury lawyer or law firm.
Unlike a personal injury attorney that you hire for legal help, the insurance companies and their lawyers are not your friend and do not have your best interests in mind. They are highly skilled when it comes to minimizing personal injury settlement claims. This gives them the advantage in your case if you attempt to be compensated your injuries and medical expenses. Don’t take the risk of not being compensated fairly and hire a personal injury attorney as soon as you have received medical attention for your injuries. Contact us to learn more about what we can do for you.