Florida Chief Financial Officer Jeff Atwater said Thursday that it’s time for insurance companies to stop complaining and to lower premiums to reflect changes to the no-fault car insurance laws.
“I am comfortable that if assaults on the courts are unsuccessful and the bill can stand there will be more than 25 percent savings,” Atwater said. “We don’t have to gnash about it, argue about it, whine about it or cry about it.”
Under the old system, the average personal injury protection insurance claim is $12,900, Atwater said during a presentation at the Florida Chamber of Commerce’s Annual Insurance Summit. That included $4,400 in acupuncture, $3,700 for massage therapy, $3,200 to chiropractors and $1,600 for emergency room costs.
The new law, HB 119, restricts acupuncturists and massage therapists from participating in PIP and requires people injured in a car accident to be diagnosed with an emergency medical condition before they are eligible for the full $10,000 benefit.
“We just eliminated 68 percent of that cost,” Atwater told the group.