Florida Drivers, Here’s What You Can Do About Rising Car Insurance Premiums

While skyrocketing home insurance rates in Florida have gotten all the press lately, Florida drivers are finding the cost of auto insurance is also steadily rising. Major insurers in Florida, such as Progressive, Geico, Liberty Mutual, and State Farm, have raised their rates up to 44 percent over the past year. 

“But I’ve never had a claim!”

We hear this lament every day, and we feel your pain! The fact is, you may not have had a claim, but thousands of other Florida drivers have. In addition to the same economic and social inflation factors driving up car insurance all over the nation, Florida faces some additional unique factors, including:

• Weather-related losses from hurricanes and flooding (hundreds of thousands of vehicles were damaged by Hurricane Ian, for example). 
• High rates of auto theft, and claims fraud, including windshield glass claims and staged accidents. 
• High number of uninsured drivers—20.4 percent of drivers don’t carry insurance. 
• Busy roads—large numbers of tourists keep our roads busy all year long, increasing the odds of traffic accidents. 
• Higher-than-average litigation. 

How can Florida drivers save on auto insurance?

Auto insurance companies base their premiums on a number of factors, including the age and gender of the drivers, driving records, address where the vehicle is kept, and how much driving you do. But there are some things you can do to ensure you’re getting the best possible car insurance rate for your needs.

The first and most obvious one is keeping your driving record clean. In addition to a safe driving discount, ask about any other discounts available, such as good student (if you have teen drivers). (Sometimes “bundling” auto and home insurance policies will save you money—and sometimes not. A Lakewood Financial Services agent will help you figure out what’s right for you.) 

Shop for a better rate at renewal—at least once a year. Compare quotes from at least three insurers.

Before you add or change vehicles check with your insurance agent to find out what impact that will have on your car insurance. Certain makes and models can be very expensive or difficult to insure. To keep auto insurance premiums in check, when choosing a vehicle, opt for more “boring” versions with good safety records, like certain sedans or mini-vans.  

Pay your bill in full—some companies offer a five to 10 percent discount for paying your policy in full. You may also receive a small discount if you set your policy up on autopay.

Some people choose to drop comprehensive and collision coverage or raise deductibles if their auto insurance is too expensive. There are some situations where this is appropriate, but remember that if you do that, you’ll be responsible for paying for your own losses.

One of the best ways to make sure you’re getting the best price for your auto insurance is to work with an independent insurance agency like Lakewood Financial Services. We partner with many auto insurance carriers and can compare the rates from multiple insurance companies for you. Click here to get an online auto insurance quote, or give us a call at (941) 747-4600. Our agents will be happy to help you find the best value for your insurance dollar. We’re located in Lakewood Ranch, and also serve Sarasota, Bradenton, and nearby communities.