Auto Insurance Rate Hike
Auto Insurance Rate Hike
I've recently moved to Florida from the Northeast and have been keeping GEICO as my auto insurer.
For the same coverage, my policy rates here in FLA have gone up about 25%, just with the move, nothing else. I am insuring an 8 year old small Honda SUV.
Has any one else moved to FLA and experienced a big jump in auto insurance rates?
Any tips for reducing that? I suppose I need to shop around with other insurers.
Perhaps not coincedentally, I am now seeing an absurd number of ads for injury lawyers since moving here. Never noticed that where I've lived before. In fact, one attorney is even sponsoring a huge outdoor music concert nearby with free attendance.
For the same coverage, my policy rates here in FLA have gone up about 25%, just with the move, nothing else. I am insuring an 8 year old small Honda SUV.
Has any one else moved to FLA and experienced a big jump in auto insurance rates?
Any tips for reducing that? I suppose I need to shop around with other insurers.
Perhaps not coincedentally, I am now seeing an absurd number of ads for injury lawyers since moving here. Never noticed that where I've lived before. In fact, one attorney is even sponsoring a huge outdoor music concert nearby with free attendance.
Re: Auto Insurance Rate Hike
That’s FL for you. The tort industry is booming and attorneys are out in force to sue insurance companies. Ned to CA, FL could be one of the worst states to do business in for insurance.
Re: Auto Insurance Rate Hike
When you shop for auto insurance, shop all of your casualty insurance as a package. There can be substantial discounts for having multiple policies with one company.
Re: Auto Insurance Rate Hike
I believe FL leads the nation in having the most uninsured drivers. Someone has to pay. Guess who?
Re: Auto Insurance Rate Hike
You are right, I was paying $100 pm in Chicago and now it is $150 here in FL
Re: Auto Insurance Rate Hike
Mississippi has the largest percentage of uninsured drivers at 29.4%. However, Florida is still very high at 20.4%.
The OP moved from the Northeast, where there are very few uninsured motorists. New Jersey is the lowest at 3.1%, then Massachusetts at 3.5%, then New York at 4.1%.
Here are the statistics for uninsured drivers by state: https://www.iii.org/fact-statistic/fact ... -motorists
Re: Auto Insurance Rate Hike
True. You can’t drive 5 blocks in any major FL city without seeing attorney billboards promising to “make them pay”. It’s not as much the uninsured populate as it is lots of people with “soft tissue injuries” who are attorney-represented.
- BrandonBogle
- Posts: 4467
- Joined: Mon Jan 28, 2013 10:19 pm
Re: Auto Insurance Rate Hike
When I moved from FL to NC, I went from a no-fault state to an at-fault state and my premiums dropped SIGNIFICANTLY. On the order of $850/6-month to $300/6-month, while increasing my coverage levels.
Re: Auto Insurance Rate Hike
When I moved to FL (many, many moons ago), the agent I talked to on the phone let me know my rates would be going up before even running the numbers. Fooled her, I was coming from another high rate place!
Re: Auto Insurance Rate Hike
Note for myself, "Do not move to FL."
"Know what you own, and know why you own it." — Peter Lynch
Re: Auto Insurance Rate Hike
Florida is a PIP state and notorious for soft fraud.
Re: Auto Insurance Rate Hike
Nothing new. I moved to FL in '85 and my premiums doubled. Moved out in '88 and they halved. FL has had this issue for a long time.
Re: Auto Insurance Rate Hike
I believe there are similar issues in Florida for Homeowner's, above and beyond climate change and hurricane destruction. Here is a recent WSJ article: https://www.wsj.com/articles/insurance- ... 1619343002.
Re: Auto Insurance Rate Hike
we moved from NYC to Florida a few years ago. I was shocked at how much our car insurance rates increased. Florida's insurance markets (especially home) are completely out of whack.
Re: Auto Insurance Rate Hike
I pay a couple hundred bucks more for auto insurance in FL.
However, I save thousands in drastically reduced property taxes and NO state income tax.
However, I save thousands in drastically reduced property taxes and NO state income tax.
"I look at a hundred deals a day. I pick one." -Gordon Gekko