Florida car insurance among most expensive in US

TAMPA, Fla. (WFLA) — Property insurance coverage isn’t the one kind of protection that Florida has price issues from. The common car insurance coverage protection in Florida is nearly $1,000 greater than the nationwide common, based on a examine from Bankrate.

“Florida has one of many highest common annual full protection automotive insurance coverage charges within the nation, clocking in at $991 larger than the nationwide common,” the examine stated. In comparison with different states, Florida additionally has one of many highest ranges of lethal automotive crashes in the USA. Information analyzed by WorldPopulationReview ranked Florida because the state with the third highest charge of deadly accidents within the nation.

The nationwide common for full protection is $1,771, based on Bankrate. “New York, Louisiana and Florida are the three costliest states for automotive insurance coverage on common,” the corporate stated. Bankrate reported Florida’s insurance coverage charges for car protection are 56% above the nationwide common.

Bankrate stated, as of Dec. 31, 2021, the common price for the insurance coverage in Florida was $2,364 per yr for full protection. In 2022, it’s risen to $2,762 per yr. For Tampa drivers, it’s even larger.

At an annual price of $3,459 for full protection, month-to-month premiums are a median of $288. Bankrate stated a part of the difficulty of price is the variety of uninsured drivers within the state.

Information from 2019 confirmed that 20.4% of Florida drivers have been uninsured. By comparability, the nationwide common was 12.6%, based on the Insurance coverage Info Institute, in 2019. Their knowledge, collected by the Insurance coverage Analysis Council, additionally confirmed that one in eight drivers have been uninsured in 2018.

In Lakeland, the common insurance coverage price for full protection is reportedly $2,520.

The most costly metropolis in Florida for automotive insurance coverage is Hialeah, the place yearly protection is $3,777.

Florida can be a no-fault accident state. Meaning, based on Bankrate, that nobody is “thought-about at fault” when an accident happens. When an accident does occur, each drivers are required to file with their very own automotive insurance coverage to cowl any potential medical prices, irrespective of who might have prompted the crash. That doesn’t imply the accident’s penalties are completed.

“No-fault states can nonetheless decide legal responsibility after an accident and the accountable celebration could possibly be answerable for property injury and medical bills that exceed a sure threshold, relying on the state,” based on Bankrate.

Florida additionally requires private damage safety for drivers. Bankrate says which means Florida drivers are required to have protection that “pays for you and your passengers’ medical bills and misplaced wages.” When you break one thing throughout an accident, or are answerable for property injury, your insurance coverage will possible additionally should pay for restore. That is separate from PIP protection.

The excessive crash numbers in Florida aren’t a brand new downside. From 2015 to 2021, there have been greater than 700,000 hit-and-run crashes. Simply over 1,600 of these led to a visitors fatality, based on knowledge from the Florida Freeway Security and Motor Autos Division. In 2021, there have been 310 fatalities. Florida Freeway Patrol remains to be investigating 131 of them.

“Hit-and-run crashes and fatalities are tragically on the rise in our state – inflicting devastation to Florida’s households and communities,” Terry L. Rhodes, FLHSMV Government Director stated beforehand. “Drivers who select to flee after being concerned in a crash that ends in property injury, damage, or demise are usually not simply breaking the regulation – they’re displaying a blatant disregard for the life and property of others. Please, keep on the scene and name for assist – it might save a life.”