Florida could also be the most costly state in America for automobile insurance coverage, and issues are getting worse for drivers within the Sunshine State.

The South Florida Solar Sentinel studies that main auto insurers are growing charges at a shocking tempo within the state. Insurers should file price will increase with the state’s Workplace of Insurance coverage Regulation.

Associated: How you can Purchase Automotive Insurance coverage: The whole lot You Must Know

Charges Leaping 30% Or Extra in One Yr

A evaluate of latest filings finds:

• State Farm filed for “three price will increase this yr totaling 30.2 proportion factors.”
• Progressive “took 4 will increase since July 2022 totaling greater than 30 proportion factors.”
• USAA filed for 3 price will increase starting from 33.9% to 57.3% for some policyholders
• Liberty Mutual has filed for 3 will increase since final June, driving “common premiums up a complete of 44.3 proportion factors.”
• AAA, working as Auto Membership South in Florida, just lately “submitted a plan to extend charges for members of its “legacy” model by 39.7%, to be imposed over two years.”

Nationwide Traits Partly to Blame

It’s not simply Florida. A brand new examine from Insurify discovered that “Automotive insurance coverage costs have risen 17% within the first six months of 2023” nationwide.

The associated fee to restore the common automobile has soared as automobiles improve in complexity. Accident charges are up nationwide within the aftermath of the COVID-19 pandemic.

However It’s Hitting Florida Hardest

However Floridians have it worse than residents of most different states. “Florida is the most costly state for automobile insurance coverage,” explains NerdWallet. Insurify disagrees, discovering Michigan the most costly state to insure a automobile. However Insurify additionally notes, “Local weather change is prime of thoughts for insurers, with many pulling out of markets with higher local weather danger, like Florida and California.”

Associated: The 7 Largest Automotive Insurance coverage Reductions for 2023

Farmers insurance coverage just lately pulled out of Florida totally, citing the state’s frequent publicity to hurricanes.

What can Florida drivers do?

Michael Sawa, an insurance coverage advisor at Mangrove Monetary Group in St. Petersburg, informed MSN one of the best step they’ll take is to buy round shortly. “My advice is to succeed in out to an insurance coverage agent, an unbiased agent in your space, somebody who’s aware of your ZIP code along with your county, and simply ask them to check out your present coverage. It doesn’t harm to buy, it’s not going to negatively affect you,” he added.