By Paul Waldmiller
Did you Know that automobile insurance rates here in Florida are third-highest in the country?
With many Americans fleeing liberal states to come here to Florida, the number of cars on the road continue to rise, and so are automobile accidents, especially in urban areas.
Even if you are considered by your insurance company to be a safe driver, more than likely you are going to see a 7% increase this year in your insurance rate premium. In 2023, auto insurance rates rose nearly 25% not only because of auto accidents, but also because of hurricane damages and loses.
The average cost of full-coverage auto insurance policies last year was $2,019. That was up to 2.6% of the median household income. For 2024, auto insurance rates will eat more of our income because of the high rate of inflation. Everything costs more, including auto insurance rates.
Here in Florida, we have the third-highest insurance cost in the nation. All in all, during 2023, car insurance rates increased 638% more than wages increased on average.
Some advice being shared with experts on reducing auto insurance costs, is to find a car insurance broker who can shop around for you regarding the cheapest insurance available for you. A fair warning however if you do choose to shop around, nearly everyone who drives in Florida is going through some sort of automobile insurance price-shock with no matter which carrier you choose.