Florida’s auto insurance rates among some of the highest in the nation
FLORIDA DRIVERS ARE RIGHT NOW BEING HIT WITH SOME OF THE MOS EXPENSIVE AUTO INSURANCE IN THE NATION. DRIVERS TELL US THEY'RE STRUGGLING TO HANDLE THE PREMIUM HIKES. AS WESH 2'S GREG FOX EXPLAINS, IT COULD BE A WHILE BEFORE THEY START FEELING RELIEF. 2022 WAS ONE OF THE WORST YEARS ON RECORD FOR FLORIDA HURRICANES AND BIG STORMS, WITH IAN AND NICOLE LEADING THE WAY. THE RESULT RECORD CLAIMS FOR FLOODED VEHICLES.
ADD TO THAT INFLATION DRIVEN, SKYROCKETING VEHICLE REPAIR COSTS FUELED BY AN UPTICK IN VEHICLE CRASHES, AND YOU HAVE A PERFECT STORM GENERATING A TIDAL WAVE OF RISING AUTO INSURANCE RATES FOR LOCAL DRIVERS. WE TALKED WITH ALREADY SHELLING OUT MONEY FOR LICENSES, REGISTRATIONS AND OTHER VEHICLE EXPENSES. TELL US THEY'RE FEELING IT IN THE WALLET. YOUR INSURANCE RATES WENT UP. YES IT DID. HOW BAD? MAMAYBE 25%.
THAT'S A LOT. YES IT IS. THIS YEAR SPECIFICALLY, IT WENT UP SIGNIFICANTLY AND WE DRIVE OLDER MODEL CARS. SO WE WERE A LITTLE CURIOUS AS TO WHY A NEW STUDY BY THE ONLINE INSURANCE COMPARISON WEBSITE INSURIFY SAYS THAT FLORIDA IS NUMBER TWO IN THE NATION. SECOND WORST WHEN IT COMES TO AUTO INSURANCE. PREMIUM HIKES UP 31% ACROSS A TWO YEAR PERIOD. 2022 WAS THE WORST YEAR FOR INSURANCE COMPANIES IN TERMS OF LOSSES. CHASE GARDNER IS WITH INSURIFY. HEHE SAYS THE RESULTING DATA SHS THE 2023 AVERAGE FOR ANNUAL FULL RATE COVERAGE IS JUST OVER $2,000. BUT IN FLORIDA, IT'S MORE THAN 2,944% HIGHER THAN THE NATIONAL AVERAGE, WITH POLICYHOLDERS PAYING $245 PER MONTH. THE PERCENTAGE OF A PERSON'S INCOME SPENT ON AUTO INSURANCE IS NOW 2.6%. ON AVERAGE IN THE U.S., WHILE IN FLORIDA. IT'S 4.3%, SECOND HIGHEST IN THE NATION.
ITS FREQUENCY OF SEVERE STORMS ARE CERTAINLY PLAYING A GROWING ROLE IN INSURER LOSSES, PARTICULARLY IN FLORIDA. THE INSURANCE INDUSTRY IS CREDITING FLORIDA LAWMAKERS WITH CHANGES THAT SHOULD KEEP PREMIUM INCREASES MINIMAL COMPARED TO LAST YEAR, LIKE REDUCING THE ABILITY FOR PEOPLE TO FILE FRIVOLOUS LAWSUITS INSTEAD OF THE 24% INCREASE IN PREMIUMS LAST YEAR, A 7% HIKE IS PROJECTED THIS YEAR, AND IT IS A POSITIVE SIGN LOOKING FORWARD, THAT YOU KNOW, RATES WILL NOT SEE THE SEVERE INCREASES THAT WE SAW IN 2023 MOVING FORWARD.
THEY'RE STARTING TO PLATEAU INSURANCE AGENTS SAY THE BIGGEST THING YOU CAN DO TO KEEP YOUR PREMIUMS DOWN, SLOW DOWN TO HELP PREVENT CRASHES. GREG FOX, WESH TWO NEWS. THE INSURANCE INFORMATION INSTITUTE SAYS IT COULD BE A COUPLE OF YEARS BEFORE FLORIDA DRIVERS START SEEING LOWER PREMIUMS AS A RESULT OF REFORMS IN THE LEGAL SYSTEM TO REDUC.
