Florida drivers pay 52% more than the national average for auto insurance
Islander News, The (Key Biscayne, FL)
It is not only homeowners' insurance costs that are impacting Floridians wallets.
A recent study ranks Florida as the state with the highest auto insurance premiums in the United States and projected to get worse.
The study by FINN, shows the average costs of Florida drivers for automobile insurance is now $2,560 each year.
The national average for auto insurance? $1,682 annually, meaning Floridians pay almost $1000 ($878) more a year, or 52 percent, to insure their automobiles.
One of the reasons, according to the report is auto insurance costs will increase as climate change causes more severe weather events, increasing the risk of damage to vehicles.
But the main reason, says FINN, is that Florida has the highest rate of uninsured drivers across the country. According to the report, about 20 percent of Florida drivers "lack even minimum liability insurance, pushing costs onto insured drivers through higher premiums."
And is about to get worse.
Over the last decade, auto insurance premiums in the Sunshine State have increased more than any state in the US, roughly 88 percent.
The projections for the annual cost of auto insurance in Florida is that costs will rise to an estimated average of $4,813 annually by 2033.
'The little clinic on wheels'
The questions you aren't asking (but should) during open enrollment
Advisor News
- The inheritance gap: Helping clients plan for money that hasn’t arrived
- After the midterms: Addressing your clients’ tax concerns
- Berkeley arts tax heads toward passage while public bank measure looks likely to fail
- Americans’ sense of overall prosperity still ticks upward
- Turning expanded eligibility into a better coverage plan for federal clients
More Advisor NewsAnnuity News
- AM Best Affirms Credit Ratings of Knighthead Annuity & Life Assurance Company and Merit Life Insurance Co.
- Jackson reports record annuity sales, increases share repurchase authorization
- Why the market doesn’t need more carriers
- Equitable, Corebridge steam toward merger with strong Q3 annuity sales
- Jackson Announces New Annuity Offering for AARP Members
More Annuity NewsHealth/Employee Benefits News
- Flouting consumer law, insurers refuse to pay medical bills for emergency care
- Open enrollment is now for 2027 health insurance coverage in Illinois: What to know
- Idaho insurance director details $13M school trust collapse
- Insurance program's collapse detailed at ISBA conference
- Boeing retirees ‘shocked’ by 400% jump in health insurance premiums
More Health/Employee Benefits NewsLife Insurance News
- Start estate planning before the family needs it
- Best’s Market Segment Report: Health and Property Lines of Business Drive Hong Kong’s Non-Life Insurance Growth
- AM Best Affirms Credit Ratings of Central States Indemnity Co. of Omaha and Its Subsidiary
- National Life Group Approves $23 Million Dividends for 2027
- Milliman’s proposed $15.5 million settlement puts life insurance underwriting data in focus
More Life Insurance News