Q&A
Potential savings from lowering PIP insurance requirements
1:25:22
ยท
42 sec
The council member inquires about the potential savings for drivers if PIP insurance requirements were lowered. Commissioner Do provides information based on conversations he's had, but emphasizes the lack of concrete data.
- Do mentions hearing that lowering PIP requirements could save drivers about 5% annually on insurance costs.
- This 5% savings could represent about $400 to $600 per year for drivers.
- The commissioner notes that he hasn't seen official data from providers to confirm these figures.
- Do also mentions hearing conflicting information, suggesting that any decreases might be absorbed by insurance companies or not passed on to drivers.
Selvena N. Brooks-Powers
1:25:22
If PIP insurance requirements were lowered, what would the savings look like for a typical driver?
David Do
1:25:29
So from my conversations, I've heard that it could save, 5%, on an annual basis.
1:25:35
Again, I haven't seen that data.
1:25:37
I haven't seen, from the providers telling me that.
1:25:41
I've also heard from others, that say that, any, any decreases might be absorbed by the insurance companies or, any decreases, might not, be rolled on to, back to the driver.
1:25:58
Right?
1:25:59
But 5% can represent about 400 to $600 on an annual basis.