The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its assistant vice president of state government relations Logan McFaddin, regarding Florida Governor Ron DeSantis vetoing Senate Bill 54, relating to Motor Vehicle Insurance.
“APCIA thanks Governor DeSantis for protecting Florida drivers from the substantial auto insurance cost increases that would have likely occurred if he had not vetoed Senate Bill 54. We applaud his leadership, his commitment to stand up for the best interests of Floridians, and his actions to protect their pocketbooks.
“Florida drivers, who already pay the highest premiums in the country for full auto insurance coverage, were overwhelmingly concerned about the the financial impact of SB 54. Floridians sent more than 37,000 letters to the governor asking him to veto this legislation, and we commend him for listening to their concerns that SB 54 would lead to even higher auto insurance costs.
“An APCIA analysis and a study commissioned by the Florida Office of Insurance Regulation found that SB 54 was likely to significantly increase costs for Florida drivers and have the most severe impact on drivers who purchase minimum limits. In Florida, approximately 40 percent of drivers carry minimum limits. Skyrocketing costs could have also resulted in coverage becoming unaffordable for many, leading to more uninsured drivers on Florida’s roads.
“Moving forward, we hope any proposals to reform or eliminate Florida’s no-fault auto insurance system will reduce consumer costs, combat rampant lawsuit abuse by implementing meaningful bad faith reforms, and prevent or minimize fraud. APCIA will continue to be resource for Florida legislators on this issue should they revisit it in the upcoming legislative session.”
About the APCIA
APCIA is the primary national trade association for home, auto and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions—protecting families, communities, and businesses in the U.S. and across the globe. For more information, visit https://www.apci.org.