Industry experts say that because of how many uninsured drivers there are in the state of Florida, insurance costs have gone up and shoppers are panicing. It doesn't look like it's going down any time soon.
What Shoppers Are Experiencing
Right now, Florida ranks 3rd in the US for the highest full coverage premiums and have increased 20% since 2023, the highest increase in one year since 1976. Shannon Martin, a Bankrate analyst, blames more than just uninsured drivers.
"Florida drivers are aware extreme weather really plays a strong part in your auto and home insurance rates.” Aside from natural disasteers, Martin points out that more litigated claims and increased costs of parts and labor also factor into the rising costs.
"Florida drivers are aware extreme weather really plays a strong part in your auto and home insurance rates.” Aside from natural disasteers, Martin points out that more litigated claims and increased costs of parts and labor also factor into the rising costs.
What Can You Do?
1. Shop Around
Prices can be drastically different between insurance companies, so make sure you shop around. According to MarketWatch, Geico is the cheapest provider for both minimum and full coverage in Florida. For the best comparisons, one expert recommends:
"Major factors that drivers should consider when comparing car insurance quotes are the types of coverage — including liability, collision, comprehensive and uninsured motorist coverage, policy limits, deductibles, an insurer’s financial strength and the quality and reputation of its claims service.”
2. Know What You Need
Don't pay for what you don't need. Options to choose from might include Roadside Assistance, Rental Car Reimbursement, Rideshare Insurance, and Gap Insurance (which covers the difference between what you owe on a financed vehicle and its value at the time of a total loss claim).
3. Look For Discounts
Ask providers about discounts, like bundling discounts (AKA multi-policy disount). A bundling discount is applied when you combine your car insurance policy with other types of insurance from the same provider, like homeowners, renters, life, or pet insurance.
Insurance providers also often provide discounts for military, seniors, students, new car owners, and good drivers.
Prices can be drastically different between insurance companies, so make sure you shop around. According to MarketWatch, Geico is the cheapest provider for both minimum and full coverage in Florida. For the best comparisons, one expert recommends:
"Major factors that drivers should consider when comparing car insurance quotes are the types of coverage — including liability, collision, comprehensive and uninsured motorist coverage, policy limits, deductibles, an insurer’s financial strength and the quality and reputation of its claims service.”
2. Know What You Need
Don't pay for what you don't need. Options to choose from might include Roadside Assistance, Rental Car Reimbursement, Rideshare Insurance, and Gap Insurance (which covers the difference between what you owe on a financed vehicle and its value at the time of a total loss claim).
3. Look For Discounts
Ask providers about discounts, like bundling discounts (AKA multi-policy disount). A bundling discount is applied when you combine your car insurance policy with other types of insurance from the same provider, like homeowners, renters, life, or pet insurance.
Insurance providers also often provide discounts for military, seniors, students, new car owners, and good drivers.
Wilkes & Mee is a Jacksonville, FL car accident law firm.