Justice Demands Diligence

Explanations for Floridas’ high auto insurance

On Behalf of | Aug 18, 2022 | Firm News

After concerns for the safety of everyone involved, insurance and its associated issues rank as near the top important issues for drivers. Statistics regarding insurance costs, coverage rates and those who operate a vehicle without insurance show this concern as legitimate, especially for residents of Florida. Trends in all of these areas reveal that drivers should ensure that they understand the insurance-related risks that accompany an accident.

Minimum insurance and absence of coverage top the list

Auto insurance companies took in more than $1 trillion in profits between 2015 and 2019. The greatest increase came from liability coverage, whose costs increased an average of 20% during that time. Florida ranked as the most expensive state for minimum car insurance coverage. Numerous factors contribute to this determination, including whether you drive a sedan (cheapest) or an SUV (most expensive).

Another contributing factor to the increased cost of car insurance is the percentage of drivers who operate a vehicle without any coverage. At least one state in almost every region of the United States surpasses the national average of 12.6%. Florida joins several other states in which at least one in five drivers operates a vehicle while uninsured.

Understanding competing interests

Invariably, injuries suffered due to an auto accident will require a claim with an auto insurer. Extraneous costs can deplete finances quickly and aggravate an already complex and sometimes frustrating process of filing an auto insurance claim. An attorney familiar with the dynamic of often competing interests can offer guidance.