When you compare how much money we make in Florida versus how much we spend on car insurance…Yikes! It seems to be too much.
A report was released by Bankrate.com. It showed that drivers in Florida spend, on average, 4.42% of their annual income to pay for car insurance. Whoa.
One of the reasons for such high costs in Florida is because of our active hurricane season and flooding.
The state-by-state comparison reveals Floridian drivers are spending approximately $1,000 more annually than drivers in other states. Our state’s drivers spend about $2,762 a year for full coverage.
When broken down by metro areas, Tampa and Miami rank highest in the country!
If you’re looking for a place to live where you won’t pay an arm and a leg for insurance, move to Hawaii or Maine.
So how can you save on car insurance? Keep a clean driving record. Being married seems to lower your rates, as well.
Data was compiled with the following full coverage limits:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
The rates were tabulated based on the profile of a driver who owns a 2020 Toyota Camry, commutes five days a week and drives 12,000 miles annually.
Robert Norberg is the president of Arden Insurance Associates. He explained one of the reasons for high costs in Florida has to do with increased number of accident claims and lawsuits. “Carriers are still seeing a lot more lawsuits,” Norberg. “We have tons and tons of more people coming into the state — obviously — so there’s going to be more accidents, more people buying insurance.”
The only state that has residents spending more on auto insurance, relative to their income, is Louisiana.
Here are the top five WORST states to have to purchase auto insurance (from a cost perspective).
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