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Why Is Car Insurance so Expensive in Florida?

If you have been involved in a an SUV or car accident in the Tampa Bay area call Tampa Personal Injury Attorney, Martin J. Hernandez of Fernandez & Hernandez at 813-229-5353.
Woman looking in shock at high insurance rate bill

One of the biggest reasons why car insurance in Florida is so costly is the huge number of uninsured drivers. The Insurance Research Council found that about one out of every eight drivers doesn’t carry car insurance. Pretty scary, but in the 20+ years of practicing law in Florida, I would agree with this statistic of 1 in 8. Also scary is how few carry enough insurance.

Many drivers purchase ‘Full Coverage‘ which is just the basic minimum in Florida: Personal Injury Protection benefits of $10,000 and $10,000 in Property Damage Insurance. This coverage is outlined in Florida Statute § 324.021 and this coverage is usually not enough coverage to make a difference after an accident.

How do you protect yourself and your family from uninsured drivers? Buy Uninsured Motorist coverage, or UM. Dollar for dollar, it is usually the cheapest insurance to buy. This insurance also follows you and your family wherever you go.

What Does Uninsured Motorist Coverage Cover?

Uninsured Motorist (also known as UM or UIM) protects the occupants in your vehicle. It covers your out-of-pocket medical bills, future medical bills, lost wages (past, present, and future), pain and suffering, loss of quality of life, and loss of consortium.

If you were injured in an auto accident, sorting out insurance may be just one of the many things you are worried about. Our experienced team can take that weight off your shoulders and give you the freedom to heal while we handle the legal challenges. Our Tampa office can be reached by phone at (813) 229-5353 or online anytime, 24/7. Get your free case review today. Hablamos español.

Do Tourists Keep Car Insurance Rates High?

Another reason for high insurance rates in Florida is the state’s history of fraudulent claims for a windshield or staged accidents. Tourists and the number of cars on the road also contribute.

Florida had over 131 million visitors in 2019. How do you think they got around? Usually, by car. Hence, more cars on the road–and most of them do not know their way around.

Florida is also one of a few states that require Personal Injury Protection (PIP) benefits. This insurance requires drivers to purchase $10,000 in medical and lost wage benefits. But it is pricey.

Insure.com states that PIP raises prices by roughly 20%. Every couple of years, the Florida Legislature tosses around the idea of abolishing PIP. However, when this happens the hospitals and medical providers jump up and down as they will likely not get paid without PIP benefits.

Bad weather is also a driving factor for Florida being one of the most expensive states for insurance. Hurricanes cause vehicle damage which makes the number of claims increase. To make up for those losses, insurance companies spike their rates.

Even the Tampa Bay Times has a great article about insurance rates being so expensive in Florida.

How Can You Lower Your Insurance Rates?

Here are a few ways you can keep your insurance rates low:

  1. Don’t get a ticket (i.e., speeding tickets can raise your rate by 25%);
  2. Don’t get charged with a DUI or reckless driving (a conviction can increase your rate by 137%);
  3. Buy safe (i.e., boring) vehicles;
  4. Keep a good credit record;
  5. Raise your deductible to $1,000;
  6. Ask for every discount possible;
  7. Shop every year. Have no loyalty to your insurance company. They have none to you. So shop every year with a broker.
  8. Bundle with your house.

If you have been injured by an uninsured driver, call Tampa Injury Attorney Martin Hernandez at 813-229-5353 or go online to get started with your free case review. We can discuss what options you may have, depending on your individual situation.

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