Why is Florida one of the states with the highest car insurance rates in the US?

MIAMI.- Florida has captured national attention again, but this time for a not so favorable reason: the state has ranked as the third highest auto insurance rate in the United States.

According to a recent MarketWatch study, Floridians pay an average of $289 per month for full coverage insurance, significantly above the national average. Another report last month from comparison company Insurify showed similar results.

MarketWatch's research examined 45 auto insurance companies and surveyed 8,500 consumers to rank the best insurance options based on condition, age, driving history and credit score.

This study revealed that only Louisiana and New York have higher rates than Florida, at $340 and $310, respectively, for a full protection policy.

Report findings

High auto insurance costs in Florida can be attributed to several factors, such as high population density, frequency of traffic accidents and the risk of natural disasters such as hurricanes, according to the research.

Additionally, the state faces an increase in insurance fraud and the number of uninsured drivers, further driving up rates for those who are insured.

According to MarketWatch research, the cheapest comprehensive auto insurance option in Florida is offered by Geico, with an average rate of $174 per month. The cheapest option for minimum liability insurance is also offered by that company, with an average cost of $54 per month.

The average minimum liability policy in the state costs $130 a month.

It is crucial for drivers in Florida to compare quotes from different companies to find the best policy that fits their specific needs. Factors such as age, where you live, credit score, and driving history can significantly influence the cost of insurance.

National ranking

In the ranking of the 10 states with the highest auto insurance rates, Florida is in third place, after Louisiana and New York, followed by:

  • Nevada: $281
  • Texas: $271
  • Pennsylvania: $269
  • California: $260
  • Colorado: $246
  • Rhode Island: $244

For Florida residents looking for more affordable options, some of the companies offering more competitive rates include State Farm, Travelers, Mercury and Progressive, according to the report.

However, the most appropriate option will depend on the individual circumstances of each driver.