CS/CS/HB 1063 Summary - Motor Vehicle Insurance

• Repeals Florida's No-Fault Law: Eliminates personal injury protection (PIP) requirement for motor vehicle insurance policies issued or renewed on or after July 1, 2018, while maintaining existing policies until renewal.

• Increases Liability Coverage Minimums: Raises minimum bodily injury liability coverage from $10,000/$20,000 to $25,000/$50,000 per person, and maintains $10,000 property damage liability requirement.

• Establishes Minimum Security Requirements: Creates standardized financial responsibility requirements for vehicle owners and operators to respond in damages for accidents.

• Allows Coverage Changes: Permits insureds with existing policies to change coverages to eliminate PIP and obtain new minimum security requirements before the July 1, 2018 deadline.

• Requires Insurer Notification: Mandates that insurers provide notice to policyholders by March 1, 2018, explaining changes to insurance requirements, coverage options, and available protections like underinsured motorist coverage.