Friday, May 24

Floridians pay 121% more for car insurance than national average, study finds

A new study by MarketWatch found Floridians are paying some of the highest car insurance premiums in the country right now.

“Rates are up pretty much everywhere, but Florida is definitely up there,” said David Straughan, an analyst with MarketWatch.

According to a new study by MarketWatch, the average premium for a full coverage auto insurance policy in Florida jumped 10.1% in 2023.

“One of the things we found out towards the end of that study is the number of uninsured drivers is 20% in 2019, which is the last kind of year we have as reliable data for that,” Straughan said.

That’s one reason for the spike, according to MarketWatch, along with an increase in car thefts.

“It’s been up, ranked 4th overall in 2022, which is the last available year that we have for that data. Natural disasters, which also is a big reason why home insurance is up, are a huge threat in a lot of parts of Florida,” Straughan said.

The study found Florida is currently the second most expensive state for full auto coverage which typically costs $3,244 per year and the most expensive for minimum coverage, costing around $1,345 per year.

According to MarketWatch, that’s 121% higher than the national average.

In West Palm Beach, MarketWatch found an average driver can expect to pay $244 monthly and nearly $3,000 for coverage each year.

“What we’ve heard from the insurance experts we’ve talked to is it’s not likely to go down any time soon,” Straughan said.

In the meantime, MarketWatch created a list of the most affordable car insurers in Florida. State Farm, Geico, and Travelers are at the top of the list.

“The difference between two providers for the same policy could be hundreds of dollars a year. And right now, especially as things are getting tight for everybody, that could make a huge difference,” Straughan said.

You can read the full study and compare prices by clicking here.

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