One of the biggest reasons why car insurance in Florida is so expensive or costly is because of the huge number of uninsured drivers. Insurance research council found more than 25% of Florida’s drivers don’t carry car insurance. Pretty scary.
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. This is not enough coverage.
How do you protect yourself and your family from uninsured drivers? Buy Uninsured Motorist coverage. Dollar for dollar, it is usually the cheapest insurance to buy. This insurance follows you and your family wherever you go. It also 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.
Tourists Keep Your Insurance Rates High
Another reason 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 120 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 how to get 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, 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. Hurricanes cause vehicle damage which makes the number of claims increase.
How Can You Keep Your Insurance Rates Lower?
Here are a few ways you can keep your insurance rates low:
- Don’t get a ticket (i.e., speeding tickets can raise your rate by 21%);
- Don’t get charged with a DUI or reckless driving (raises your rate by more than 25%);
- Buy safe (i.e., boring) vehicles;
- Keep good credit;
- Raise your deductibles to $1,000;
- Ask for every discount possible;
- Shop every year. Have no loyalty to your insurance company. They have none to you. So shop every year with a broker.
- Bundle with your house.
If you have been injured by an uninsured driver, call Tampa Injury Attorney Martin Hernandez at 813-229-5353.
The Tampa Bay Times has a great article about insurance rates being so expensive.