A recent study shows that auto insurance rates in Florida are rising again, with automobile insurance costing $2,560 per year.
Auto Insurance rates in Florida continue to rise (Photo: American Auto Insurance)
New Study Predicts Auto Insurance Rates in Florida to Continue Rising
Islander News has reported that a new study has been published predicting that Florida auto insurance rates will continue to increase. The average annual cost of auto insurance in Florida ranges from $1,682 to $2,560.
In Finn’s study, auto insurance rates in Florida varied based on the type of vehicle. For example, car insurance costs $2,560 per year, while the initial average for auto insurance is $1,682 annually.
Unfortunately, the situation is expected to worsen as auto insurance rates in Florida have increased by approximately 88 percent over the last decade. This means that annual costs are projected to rise from $2,560 to $4,813 per year.
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Auto Insurance Rates in Florida Continue to Rise; What May Be the Reason?
According to the Palm Beach Post, there are several reasons why auto insurance rates in Florida continue to skyrocket. For instance, the state is one of the most dangerous roads to drive in. Other reasons are auto theft, insurance fraud, healthcare costs, and stormy weather, which add to the risks that raise the auto insurance rates in Florida.
Another reason would be the uninsured motorists, as Florida has one of the most dangerous roads. If motorists are involved in a traffic accident, there is one out of five chance that the motorists lack coverage.
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