Fitch Ratings argues proposals to crack down on PIP fraud in states like Florida, Michigan and New York could have a positive effect on costs for auto insurers and possibly bring down rates for policyholders.
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Auto insurance fraud is a crime that costs consumers and insurance companies millions of dollars a year in increased costs while directly contributing to higher insurance rates for consumers. In states with no-fault systems, where a person who is injured in an automobile accident recovers damages up to a specific amount from his own insurance [...]
Michigan’s PIP reinsurer raising rates 21%
The Michigan Catastrophic Claims Association will raise premiums to $175 per insured vehicle effective July 1, in part to offset an estimated $2 billion deficit.
Recent efforts to combat the growing problem of auto insurance fraud in the Florida legislature have centered on reforming how insurance companies in the state handles personal injury protection (PIP) auto insurance claims. The state’s current regulations, which require a driver’s insurance company pay up to $10,000 to cover much of medical bills and lost [...]
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