Inflation and tough economic times have made it hard for families everywhere to make ends meet, and rising insurance costs are one of the culprits. This is especially true in Florida, where auto insurance rates are a whopping 59% higher than the national average. Many car owners no doubt wonder why they pay so much – and, more importantly, what they can do about it.
How much do Floridians pay for car insurance?
Florida has some of the highest auto insurance rates in the country. According to Kristine Lee of The Zebra, Florida motorists pay an average of $2,425 a year — 59% more than the national average. Even if you take the bare minimum legal car insurance policy, you can still expect to pay more than $700 per month, which is still 51% above average.
Why is car insurance in Florida so expensive?
So what makes car insurance in Florida so unaffordable?
For starters, insurance premiums are higher everywhere, not just Florida. Inflation, the rising cost of replacement parts, supply chain issues, extreme weather, and even a spike in car and catalytic converter thefts have all contributed to higher premiums across the country. But there are several other reasons why rates in Florida, in particular, are so high:
High traffic levels. Traffic density means more chance of collisions or other incidents, and areas like Miami, Tampa and Orlando have the busiest traffic in the state. In fact, three Florida cities rank among the worst traffic spots in the entire country.
Weather. Extreme weather events have been on the rise for some time now, and major weather disasters mean big payouts for insurance companies, often running into the hundreds of millions of dollars or more. Florida, in particular, has a high rate of storms and hurricanes, which can lead to untold damage – and large claims.
Uninsured drivers. There are one lot of uninsured drivers in the United States – over 13% of all drivers in the US drive without insurance. But that percentage is doubled in Florida, where more than 26% of drivers are uninsured. That’s more than one in four motorists. This, combined with the fact that Florida is a no-fault insurance state, means that insurance companies often have to make larger payouts if a collision occurs…which translates into higher premiums for policyholders.
Demographics. Florida is home to many retirees and college students, both of whom are at higher than average risk. Older drivers may be more prone to crashes and accidents, while younger drivers are more reckless and more likely to drive under the influence.
Tourism. Being a popular vacation destination, Florida experiences a large number of visitors throughout the year, adding to the traffic on the road. Visitors also see Florida as a “party state,” meaning more incidents of driving under the influence of alcohol or drugs.
How do you find cheap car insurance in Florida?
So what can you do to get those insurance premiums down? Here are a few tips:
- Keep a clean driving record. Do your best to avoid traffic violations, DUIs, and collisions, all of which will skyrocket your insurance premiums.
- Trade in your high-performance car for a safer vehicle. Sports cars and high-performance vehicles have higher insurance rates for a number of reasons: they encourage riskier driving and are often a magnet for thieves. A more “sensible” vehicle with a good safety rating can help lower your insurance premiums. It may not look great on the road, but it could save you a lot of money in the long run.
- Take advantage of discounts. Did you know that insurers offer dozens of discounts for different criteria? These include good student discounts, multi-vehicle policies, bundled auto and home insurance, fully paid discounts, and more.
- Compare car insurance quotes to find the best cheap car insurance in Florida. You don’t have to stay with your insurance company forever. You could find a much better deal elsewhere!
- If you drive less than before, consider switching to mileage insurance.
- Take a defensive driving course.
- Have a good credit score. While some states have banned the use of credit score information in determining auto insurance premiums, it’s still common practice to take that into consideration. Do what you can to boost your credit score and your auto insurance rates will drop.
Don’t take the risk
With insurance premiums so high and finances so tight for many people, it can be tempting to go without car insurance and hope for the best. This is a bad idea for a number of reasons. It doesn’t matter how good a driver you are – it is just as often the “other man” who causes an accident. Forget your insurance and you could be on the hook for thousands of medical and legal bills.