It is a no brainer for most people living in Florida. If you own an automobile, you have to carry a minimum amount of personal injury protection, to the tune of $10,000. On top of that, you will also need another $10,000 in coverage for personal damage liability. While these numbers may seem high, the rates for a yearly premium are actually quite reasonable. Seeing as how Florida is one of the wealthier states, we should take notice into how this system works.
The overall goal of Florida no fault INS is to lower the premium payments for everyone. This is done by side-stepping litigation over who and what caused an accident. In addition to this, it also aims to pay for injury treatment as quickly as possible. Does it do the job? For the most part yes, but there are some downfalls, such as criminal activity taking advantage of injury settlements.
How the process works is rather simple. The insurance company of the victim will pay the claim and at the same time, the company of the "at fault" driver, would pay out their portion too. On top of that, they would also charge the "at fault" driver a higher premium, because that person is now a high-risk candidate. Does it seem fair for the victim's insurance company though? Some don't believe it is.
The opponents of no-fault claim that negligent drivers are not punished nearly enough. What do you think? The proponents however, say that accidents are going to happen regardless and that the drivers "at fault", should not be punished in such a way.
On top of that, they (proponents) say that liability insurance protects reckless drivers from financial disincentives, not even mentioning the fact that most drivers could not afford to pay their claims, unless they had no-fault insurance.
What is the response of the nay-sayers? Their claim is that the system makes it difficult for victims to seek any sort of recovery. This also is debated upon, since victims are compensated when an accident occurs.
When it comes to the details, there are two main "parts" to the system. The monetary threshold and the verbal threshold. The latter states the kind of injuries which are allowed to permit a tort to take place. The monetary factor is nothing more than a dollar amount, which has to be spent on medical bills.
Interestingly enough, Florida's no-fault system was retracted in 2007, but a new law was put back in place around January of 2008. Since then it has been running smoothly and it seems to be the "norm" now. Depending on your driving record and financial ability, you could end up getting a great deal on your insurance premiums.