We love living in south Florida and so it doesn’t surprise us that Florida often ranks very high in many polls, studies, and surveys. For example, here are some areas where we are proud to be recognized according to U.S. News and World Report:
#7 Quality Education
#3 Fiscal Stability
We also rank #3 in a dubious category, and that is highest auto insurance premiums.
What causes premiums to be high or low? According to Insure.com several affect auto insurance rates including population density (rural areas are low) and weather. Also, the number of uninsured drivers will impact premiums because drivers who follow the rules wind up paying for those who don’t. The Insurance Research Council estimates that 23% of Florida drivers do not have insurance which is the 5th highest rate in the nation.
Competition is also a factor in the cost of automobile insurance. States with a high number of insurance companies fight hard to get customers and they tend to lower prices. For example, Ohio and Virginia are both high-density states but they have large numbers of insurance carriers, so their rates are reasonable.
Here are the top ten states and their average annual auto insurance premiums:
1. Michigan: $2,239 average annual premium
2. Louisiana: $2,126
3. Florida: $2,050
4. Rhode Island: $1,852
5. Connecticut: $1,831
6. Washington, D.C.: $1,827
7. California: $1,731
8. Georgia: $1,668
9. Delaware: $1,646
10. Texas: $1,589
South Florida Automobile, Motorcycle, and Truck Accident Attorney
We recommend that drivers carry the best quality insurance they can afford. Do your homework and compare, but if you’re ever involved in a serious accident you’ll be grateful if you are fully covered.
Should you be involved in an accident and you don’t think your insurance company is performing as it should to help you, let us know. We deal with insurance companies on a daily basis and it’s a good idea to have an experienced attorney on your side. Call us at (954) 356-0006, we’re here to help.