Forecasted Florida Insurance Rates
Michael Babboni
Insurance Coverage
Insurance rates are constantly on the move, and it can be hard sometimes keeping up with the latest news and numbers. Currently, Florida sits at the number four spot on the list of the most expensive auto insurance rates throughout the entire country. Florida sits right behind Washington, D.C., Louisiana, and New Jersey.Due to these larger than life Florida auto insurance rates, you will also find this state number five on a list of states that contain the most uninsured motorists on the road. A staggering 24% of current drivers in Florida do not have an active auto insurance policy.
While auto insurance rates have been high for as long as we care to remember, they are continuing to become even higher which is making it harder for motorists to secure a good rate from their auto insurance company.
It has been forecasted that the current auto insurance rates are increasing at a rate of twice-yearly increases and this number comes from information available from 2009. So, how large are these current increases forecasted to be as we continue through 2019?
Mounting Florida Auto Insurance Rates
One of the most popular and most commonly used auto insurance company in Florida is Geico. Like the rest of the auto insurance companies in Florida, Geico has followed suit when it comes to the auto insurance rate hikes.
The average cost of car insurance in the United States falls slightly under the $1000 mark; however, as already mentioned, this number varies state to state depending on the increase in rates they employ.
For 2019, the average monthly car insurance rate for Florida residents sits at $133 with an annual insurance cost totaling $1,596. These numbers are staggering when compared to a state like Idaho where their annual average total is only $552.
Why are Rates Increasing?
Insurance companies are citing the rise in injuries and claims as one of the biggest reasons for the recent rate hikes. It also has to do with more and more customers that are claiming their personal injury protection which is the protection that is used to pay for passengers as well as the policyholder in the event of an auto accident.
With the rise in claims being filed, more investigations are being conducted to ensure that no fraud is happening, and the insurance companies are not being taken advantage of; however, this will also ultimately cost more money.
So, even if you don't get into an auto accident yourself or you haven't even received a ticket, you are still exposed to these car insurance rate hikes that result in higher auto insurance premiums.
How to Reduce Your Rates
While it may seem hopeless, insurance agents are telling people that there are some ways you can try to reduce the rates you pay yourself. One of these ways is by using a small defensive driving device that is quickly and easily installed under the steering wheel of your vehicle. The small and unobtrusive device can effectively monitor your speed, how much and how hard you brake, and how much you accelerate. This information is then sent to the insurance company to determine whether or not you can qualify for discounted car insurance rates due to your driving practices.
Legal Ramifications of These Devices
One of the biggest concerns facing Florida drivers who are considering using these devices are if the information they retrieve is able to be used against them in a court of law. Insurance companies are not allowed to use the device against the driver in any way, so it is safe to use and try out if you want to find a way to save money on your car insurance premiums.