Car insurance paperwork – Courtesy: Shutterstock – Image by BLACKWHITEPAILYN
Drivers in Florida pay almost twice as much for auto insurance as those in the rest of the nation.
According to Jeffrey Larmore, “We actually had to switch auto insurance because it was almost $300.”
One of the most costly states in the US for auto insurance is Florida.
According to a recent Bankrate analysis, Florida drivers spend an average of $3,183 year on complete coverage. That is 37 percent greater than the average for the country. Rates for the bare minimum of coverage are about $1,128 per year, or 45 percent higher than the national average.
“I’ll be relocating to Missouri. Funny enough, Missouri will cost $120 less than our current home,” Larmore remarked.
According to experts, Florida is the third-most dangerous state to drive in, which contributes in part to the high cost of auto insurance there. Insurance fraud is another widespread issue.
According to Mark Hamrick, senior economic analyst at Bankrate, “There has been a high rate of lawsuits that are potentially fraudulent being filed with respect to personal injury or liability.”
According to Hamrick, vehicle insurance companies utilize a number of rating elements, including your place of residence, to decide premiums.
We discovered that Florida’s neighborhoods and big cities tended to have higher expensive insurance, according to Hamrick.
Growing rates are also a result of growing medical expenses and more extreme weather in Florida.
Increasing your credit score, keeping a clean driving record, and bundling other insurance policies are a few steps you may do to assist lower the cost of your auto coverage.
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William is the Managing Editor at FloridaInsider.com. His years of experience in journalism, broadcasting and multimedia include roles as a Writer and Web Producer. He graduated from Florida International University with a Bachelor of Science and Communication.