Florida Car Insurance Premiums to Rise Again in 2024
Florida has one of the highest car insurance rates in the country, in large part due to the number of uninsured drivers in the state. Unfortunately, car insurance premiums are expected to rise again this year, although not as much as they did in 2023. One recent report estimated that insurance premiums will rise as much as seven percent by the end of 2024 due to the increasing cost of accident claims, rising vehicle prices, and an even higher number of uninsured drivers on Florida’s roads.
Florida Has Highest Car Insurance Premiums in the U.S.
Florida has long been known for its high insurance premiums. In fact, Florida was recently ranked third in the nation for high rates, with the Insurance Information Institute stating that as of January 2024, the average cost of full coverage auto insurance premiums is 55 percent higher in Florida than the national average and more than 24 percent higher than they were at this time last year.
Why Car Insurance is So Expensive in Florida
The increasing cost of car insurance premiums in Florida has been attributed to a number of different factors, including things like extreme weather. With severe storms and flooding more common throughout the year in our state, motorists are more likely to suffer damage to their cars from falling trees and power lines, debris, and flooding. Besides severe weather, Florida also sees some of the most car accidents of any state in the country, a problem driven by an increasing number of vehicles on the road and an outdated infrastructure. Furthermore, despite the state’s no-fault liability policy for auto insurance claims, Florida still has some of the highest number of litigated claims in the U.S. This, combined with an increasing cost for parts and labor make vehicle repair a much more expensive undertaking.
How to Lower Your Insurance
While the increasing rates is largely out of policyholder’s hands, there are some steps that Florida motorists can take to try and lower their premiums, including:
- Enrolling in automatic payments through a bank account, for which many insurers waive service fees;
- Lowering your credit score;
- Asking your insurer to review and adjust your rate;
- Maintaining a clean driving record;
- Requesting the “good student” discount for teen drivers;
- Asking about other insurance discounts; and
- Increasing your deductible.
Unfortunately, even those who stay on top of their insurance premiums could end up having their auto accident claims denied, leaving them on the hook for medical bills and repair costs. If your own insurer unfairly denied your claim, you do have legal recourse. Call us today to learn more.
Call the Legal Team at Anderson & Anderson for Help
To speak with our skilled Tampa auto accident attorneys about your own recently denied car accident claim, please call Anderson & Anderson at 813-251-0072 today. Our experienced lawyers and dedicated support staff have been helping Tampa accident victims for nearly 40 years. Call us today and let us put that experience to use in your own case.
Sources:
wptv.com/money/consumer/florida-car-insurance-premiums-expected-to-rise-again-in-2024
nbcmiami.com/responds/why-are-we-paying-more-for-car-insurance-in-florida/3211024/
