Florida auto insurance policyholders may find a change in their premiums as some of the largest car insurance providers in the state are lining up to apply rate changes for their rates on PIP (personal injury protection) coverage.

But the good news is, these rate changes are not going up. In fact, most of the filings are for rate decrease. And what’s more good news to it? The rate decrease would reach to almost 10 percent.

The said rate decrease is an effect of Florida’s reform on their PIP law which was passed by lawmakers early this year. The law called upon all auto insurers in the Sunshine State to have insurance filings by October 1 this year, and that such filings should reflect a 10 percent reduction in their PIP rates. However, some insurers may not subject themselves to a 10 percent PIP rate deduction provided that they will cite a detailed reason as to why they will not be able to do so.

By this writing, Florida insurance regulators have already received rate filings from 147 insurers, some of which representing multiple companies. Though a couple of Florida’s big auto insurers are filing for PIP rate decrease, a few insurers also have filed for PIP rate increase. However, the magnitude of the said increase filings had already been mitigated by the PIP reforms undertaken in the state.

GEICO, who holds the second largest chunk of the Florida car insurance market, has already filed for an average 10 percent reduction on their PIP rates. However, State Farm Mutual who holds the largest car insurance market share in Florida filed not a rate decrease but instead, a rate increase on PIP to about 7.9 percent. The said increase was accordingly part of the insurer’s filings for their auto insurance overall rates increase.

On the other hand, insurance companies under Progressives have also filed for rate decrease on PIP on the average of 6 percent.