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PIP Rates Going Down, OIR Says

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A report from Florida’s Office of Insurance Regulation says the rates for personal injury protection insurance are declining because of a recent state law that requires insurers to lower premiums, or provide strong justification for why they’re not charging less.

OIR's preliminary analysis of the rates submitted by insurance companies that write policies for 75 percent of Florida drivers says since 2012, there has been an estimated average statewide savings in personal injury protection (PIP) premiums of 13.2 percent. 

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PIP accounts for about 25 percent of what consumers pay for auto insurance, according to a news release from OIR.

Lawmakers passed the law in 2012, after witnessing double-digit increases in PIP premiums in 2011. 

Click on "enlarge image" to see the chart from OIR that "lists information on the top 20 auto insurers along with each company’s cumulative total rate change for PIP as well as information on overall auto insurance rate changes for each company."