Florida ranks second when it comes to auto insurance coverage prices

West Palm Seaside, Fla. – Florida drivers are spending a bigger portion of their wage on automotive insurance coverage than everybody else within the US

That is based on a brand new report from Bankrate.com, which states that drivers within the Sunshine State spend 4.42% of their annual revenue on auto insurance coverage.

The one state that dedicates a considerable portion of its cash to insuring its automobiles is Louisiana at 5.26%.

The report cited storm and flooding traits in these states, which might add to the fee.

Bankrate.com Auto Insurance Study, May 10, 2022


A brand new research from Bankrate.com states that Florida drivers are paying the very best premium for auto insurance coverage within the nation.

The “Precise Value of Auto Insurance coverage” research states that nationally, drivers are spending $1,771 per yr on full protection automotive insurance coverage, which is 2.57% of their annual revenue.

Nonetheless, Florida drivers exceed that quantity, spending a median of $2,762 per yr for full protection.

Relative to their salaries, drivers in Florida’s largest metro areas are paying a few of the largest prices for automotive insurance coverage within the nation.

The research discovered that amongst US metro areas, drivers in Tampa and Miami spend the very best share of their revenue on their automotive insurance coverage, which prices them 4.49% and 5.58%.

Orlando was ranked decrease at 3.74%, forward of Detroit drivers at 4.38%.

Hawaii and Maine are ranked because the states with the most affordable insurance coverage relative to a resident’s revenue.

Knowledge from Bankrate confirmed that drivers within the Aloha State are paying a median of $1,206 yearly, which is only one.41% of their revenue, whereas Maine drivers are paying $876 yearly, or 1.44% of their revenue.

Robert Norberg, President of Arden Insurance Associates


Robert Norberg explains how drivers can reduce prices on their auto insurance coverage premiums.

The research used charges quoted for 40-year-old drivers with clear driving data, good credit score in all ZIP codes and carriers in all 50 states and Washington, DC.

The info have been compiled with the next full protection limits:

  • $100,000 bodily harm legal responsibility per individual
  • $300,000 bodily harm legal responsibility per accident
  • $50,000 property injury legal responsibility per accident
  • $100,000 uninsured motorist bodily harm per individual
  • $300,000 per accident bodily harm uninsured motorist
  • $500 collision deductible
  • $500 complete deductible

The charges have been tabulated based mostly on the profile of a driver who owns a 2020 Toyota Camry, travels 5 days per week and drives 12,000 miles yearly.

What units Florida other than different states is the rising variety of accident claims and litigation, stated Robert Norberg, president of Arden Insurance coverage Associates.

“Carriers are nonetheless seeing a number of lawsuits,” Norberg. “We’ve tons and tons extra folks coming into the state — clearly — so there’s going to be extra accidents, extra folks shopping for insurance coverage.”

Acreage driver Caitlin Heyer


Katelyn Haire speaks in regards to the chance that having a teenage daughter might improve her automotive insurance coverage fee.

Caitlin Heyer lives in The Acreage and says her automotive insurance coverage premium hasn’t elevated, however with a teenage driver on the coverage, she would not be shocked.

“I do not know the place we will reduce corners, truthfully,” Heyer stated.

Norberg advises drivers to ask their service about owners’ reductions and bundle reductions.

If you happen to’re open to it, many insurance coverage corporations provide reductions for those who enable them to trace your driving habits, so for those who make money working from home now and drive much less, it might imply large financial savings. can.

As of now, the state’s minimal automotive insurance coverage customary is $10,000 for property injury for different drivers and $10,000 for private harm safety for your self.

Insurance coverage brokers advise towards getting the minimal necessities, saying that for those who get caught in a wreck it might value you extra in the long term.

Specialists additionally suggest buying round for higher charges and contemplating utilizing an agent.

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