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Insurance coverage is dear in Florida. And it doesn’t solely have an effect on the hurricane-prone state’s sky-high prices for home insurance policies. Florida has long-been one of the vital costly states in the case of the price of automobile insurance coverage insurance policies.
In keeping with BankRate’s January 2025 data, Florida has the third-most costly annual prices for minimal protection within the U.S. and the most-expensive general in the case of the typical value for full protection insurance policies.
And a current research from on-line insurance coverage market Insurify reported this week that automobile insurance coverage costs are prone to improve one other 5% in 2025, after growing by a whopping 42% since 2022.
Right here’s what to know in regards to the common value of automobile insurance coverage in Florida and Insurify’s prediction for charges in 2025.
Which states have the costliest automobile insurance coverage?
According to Bankrate’s January 2025 data, Florida is the state with the costliest common annual value for full protection automobile insurance coverage, at a median of $4,171 annually, which is 58% greater than the nationwide common of $2,638.
On Bankrate’s record, Louisiana, New York and Nevada observe behind in second, third and fourth locations, respectively.
In the case of the typical annual value for minimal protection automobile insurance coverage, Florida locations as third-most costly, behind New York and Nevada, at $1,135 annually, based on Bankrate.
Insurify’s current research locations the typical annual value for automobile insurance coverage in Florida slightly decrease than Bankrate – however nonetheless very costly – at $3,166 in 2024. In keeping with Insurify’s projections, that determine is projected to leap as much as $3,484 in 2025. That’s 10% greater, on high of the 9% improve from 2023 to 2024.
In keeping with Insurify, that hike in worth is due to losses automobile insurance coverage corporations skilled with Florida prospects. And it doesn’t assist that Florida is a no-fault state, which implies an increase in declare prices for insurers.
“File-breaking monetary losses in 2022 despatched Florida’s struggling insurance coverage market right into a tailspin. The Florida insurance coverage disaster primarily affected residence insurance coverage, however losses pushed some automobile insurance coverage corporations to decrease their publicity within the state,” Insurify’s report says.
“The state additionally has a no-fault insurance coverage system, which means insurers pay private harm safety (PIP) claims no matter who’s at fault for an accident.”
What’s the common value of automobile insurance coverage monthly in Florida?
Based mostly on Bankrate’s common annual value of automobile insurance coverage in Florida, drivers pay wherever between $95 and $348 every month. Based mostly on Insurify’s value of automobile insurance coverage in Florida, Sunshine State drivers pay a median of round $264 every month.
Will automobile insurance coverage charges go down in 2025?
Automotive insurance coverage premiums will, sadly, solely proceed to rise, based on Insurify’s report.
“Auto insurance coverage charge will increase in 2025 will possible be much less dramatic than the 2 prior years. Insurify’s information science workforce initiatives the price of full protection will rise by 5% nationwide this 12 months,” the report says.
“Florida and New York drivers, nevertheless, may see a ten% improve. Insurify initiatives premiums will rise between 7% and eight% in Georgia, Nevada, and Delaware.”
Insurify’s prediction for 2025 says that the typical value for automobile insurance coverage within the state may climb as much as $3,484 this 12 months.
Who has the bottom auto insurance coverage charges in Florida?
Which automobile insurance coverage supplier is most cost-effective and greatest for you depends upon your driving report, how outdated you’re and different components that decide how possible will probably be so that you can file a declare.
It’s essential to keep in mind that insurance coverage corporations promote you a coverage hoping that they won’t must pay you. The likelier it’s that you’ll file a declare, the costlier the insurance coverage will probably be.
In keeping with Bankrate’s January 2025 data, Geico and State Farm provide a few of the most cost-effective insurance policies obtainable in Florida.
“When wanting on the most cost-effective automobile insurance coverage in Florida for minimal protection, Geico and State Farm stand out. Each corporations function common charges which are under the state common,” Bankrate says.
“Allstate and Progressive additionally provide strong coverage choices at an inexpensive worth.”
Listed here are the most cost effective choices for full protection automobile insurance coverage in Florida as of January 2025, based on Bankrate:
- State Farm, $258 common month-to-month premium
- Allstate, $333 common month-to-month premium
- Geico, $348 common month-to-month premium
- Progressive, $460 common month-to-month premium
