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Auto insurance in Florida among the most expensive in the United States

By on May 10, 2022 0

TAMPA, Fla. (WFLA) — Property insurance isn’t the only type of coverage Florida has cost concerns about. According to a study by The bank rate.

“Florida has one of the highest average annual auto insurance rates in the country, $991 higher than the national average,” the study said. Compared to other states, Florida also has one of the highest levels of fatal car accidents in the United States. Data analyzed by WorldPopulationReview ranked Florida as the state with the third highest fatal accident rate in the country.

The national average for full coverage is $1,771, according to Bankrate. “New York, Louisiana and Florida are the three most expensive states on average for auto insurance,” the company said. Bankrate reported that Florida insurance rates for vehicle coverage are 56% higher than the national average.

bankrate said, as of December 31, 2021, the average cost of insurance in Florida was $2,364 per year for full coverage. In 2022, it has increased to $2,762 per year. For Tampa drivers, it’s even higher.

At an annual cost of $3,459 for full coverage, monthly premiums average $288. Bankrate said part of the cost issue is the number of uninsured drivers in the state.

Data from 2019 showed that 20.4% of Florida drivers were uninsured. In comparison, the national average was 12.6%, according to the Insurance Information Institute, in 2019. Their data, collected by the Insurance Research Council, also showed that one in eight drivers were uninsured in 2018.

In Lakeland, the average cost of insurance for full coverage would be $2,520.

The most expensive city in Florida for auto insurance is Hialeah, where annual coverage is $3,777.

Florida is also a no-fault accident state. This means, according to Bankrate, that no one is “considered at fault” when an accident occurs. When an accident occurs, both drivers are required to carry their own car insurance to cover any medical expenses, regardless of who may have caused the accident. This does not mean that the consequences of the accident are over.

“No-fault states can still determine liability after an accident, and the liable party could be liable for property damage and medical expenses that exceed a certain threshold, depending on the state,” according to Bankrate.

Florida also requires injury protection for drivers. bankrate says that means Florida drivers must have coverage that “pays for you and your passengers for medical expenses and lost wages.” If you break something in an accident or are responsible for property damage, your insurance will likely have to pay for the repairs as well. This is separate from PIP coverage.

The high number of accidents in Florida is not a new problem. From 2015 to 2021, there have been more than 700,000 hit-and-run accidents. Just over 1,600 of them ended in a fatal accident, according to data from the Florida Department of Highway and Motor Vehicle Safety. In 2021, there were 310 deaths. Florida Highway Patrol is still investigating 131 of them.

“Hit-and-run accidents and fatalities are tragically on the rise in our state, wreaking havoc on Florida families and communities,” Terry L. Rhodes, executive director of FLHSMV, previously said. “Drivers who choose to flee after being involved in an accident resulting in property damage, personal injury or death are not just breaking the law – they are displaying a blatant disregard for the life and property of others. please stay at the scene and call for help – it could save a life.