TAMPA, Fla. – Drivers in Florida could see a change in their car insurance rates. The Florida Insurance Commissioner said rates among the state’s top five insurers dropped an average of 6.5% this year.
The state’s top five insurers are Progressive, Geico, State Farm, Allstate and USAA. These companies make up 78% of the market.
The change follows several years of rate increases. State leaders said the five largest insurers saw average rate increases of more than four percent last year, and nearly 32% in 2023.
State leaders said this rate decrease is a promising sign.
“I think most Floridians on average might save $60 to $100 a year,” Former State Deputy Insurance Commissioner Lisa Miller said.
Miller said the rate decrease was driven by legislation passed in 2022 and 2023 addressing insurance reform.
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“The new laws basically said that if you’re going to sue your insurance company, you need to have skin in the game,” Miller said. “So, you would work with your lawyer, but it’s not going to be automatically that the lawyer’s fees are going to be paid. You would have to do that. You would negotiate with your lawyer what your rates are, and you would decide if your case you think is strong enough to take to court.”
“It’s impossible to say what is going to happen in six months, 12 months or 18 months,” Yaworsky said. “But, all the indications are that we will continue to see good news develop over time.”
Experts’ advice to drivers is to contact your insurance companies to fully understand your policy and make sure your policy is the best fit for you.
State leaders said there’s never a bad time to shop around your auto insurance policy.
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The Source: The information in this story was gathered by FOX 13’s Kylie Jones.
