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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 probably the most costly states with regards to the price of automotive insurance coverage insurance policies.
In response to BankRate’s January 2025 data, Florida has the third-most costly annual prices for minimal protection within the U.S. and the most-expensive total with regards to the typical price for full protection insurance policies.
And a current research from on-line insurance coverage market Insurify reported this week that automotive insurance coverage costs are prone to enhance one other 5% in 2025, after rising by a whopping 42% since 2022.
Right here’s what to know in regards to the common price of automotive insurance coverage in Florida and Insurify’s prediction for charges in 2025.
Which states have the most costly automotive insurance coverage?
According to Bankrate’s January 2025 data, Florida is the state with the most costly common annual price for full protection automotive insurance coverage, at a mean of $4,171 every year, which is 58% greater than the nationwide common of $2,638.
On Bankrate’s listing, Louisiana, New York and Nevada observe behind in second, third and fourth locations, respectively.
In the case of the typical annual price for minimal protection automotive insurance coverage, Florida locations as third-most costly, behind New York and Nevada, at $1,135 every year, in response to Bankrate.
Insurify’s current research locations the typical annual price for automotive insurance coverage in Florida just a little decrease than Bankrate – however nonetheless very costly – at $3,166 in 2024. In response to Insurify’s projections, that determine is projected to leap as much as $3,484 in 2025. That’s 10% greater, on prime of the 9% enhance from 2023 to 2024.
In response to Insurify, that hike in worth is due to losses automotive insurance coverage corporations skilled with Florida prospects. And it doesn’t assist that Florida is a no-fault state, which suggests an increase in declare prices for insurers.
“Report-breaking monetary losses in 2022 despatched Florida’s struggling insurance coverage market right into a tailspin. The Florida insurance coverage disaster primarily affected house insurance coverage, however losses pushed some automotive insurance coverage corporations to decrease their publicity within the state,” Insurify’s report says.
“The state additionally has a no-fault insurance coverage system, that means insurers pay private damage safety (PIP) claims no matter who’s at fault for an accident.”
What’s the common price of automotive insurance coverage per thirty days in Florida?
Primarily based on Bankrate’s common annual price of automotive insurance coverage in Florida, drivers pay wherever between $95 and $348 every month. Primarily based on Insurify’s price of automotive insurance coverage in Florida, Sunshine State drivers pay a mean of round $264 every month.
Will automotive insurance coverage charges go down in 2025?
Automotive insurance coverage premiums will, sadly, solely proceed to rise, in response to Insurify’s report.
“Auto insurance coverage charge will increase in 2025 will doubtless be much less dramatic than the 2 prior years. Insurify’s knowledge science staff tasks the price of full protection will rise by 5% nationwide this 12 months,” the report says.
“Florida and New York drivers, nonetheless, might see a ten% enhance. Insurify tasks premiums will rise between 7% and eight% in Georgia, Nevada, and Delaware.”
Insurify’s prediction for 2025 says that the typical price for automotive insurance coverage within the state might climb as much as $3,484 this 12 months.
Who has the bottom auto insurance coverage charges in Florida?
Which automotive insurance coverage supplier is most cost-effective and finest for you depends upon your driving report, how outdated you’re and different components that decide how doubtless it will likely be so that you can file a declare.
It’s essential to do not forget that insurance coverage corporations promote you a coverage hoping that they won’t should pay you. The likelier it’s that you’ll file a declare, the costlier the insurance coverage can be.
In response to Bankrate’s January 2025 data, Geico and State Farm provide among the most cost-effective insurance policies obtainable in Florida.
“When wanting on the most cost-effective automotive insurance coverage in Florida for minimal protection, Geico and State Farm stand out. Each corporations function common charges which can be under the state common,” Bankrate says.
“Allstate and Progressive additionally provide sturdy coverage choices at an affordable worth.”
Listed below are the most cost effective choices for full protection automotive insurance coverage in Florida as of January 2025, in response to 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
