Whether you’re a longtime Florida resident or new to the area, there’s a good chance you know firsthand how expensive car insurance premiums can be.
“They’ve gone up,” Muriel said when asked how she’s seen her premiums change in recent years.
“I didn’t know car insurance in Florida was so expensive,” another woman told NBC6 after recently moving to South Florida from the Northeast. “I thought the drivers in New York and New Jersey were crazy, it would be so expensive, but no.”
Both women say they haven’t had any accidents or tickets recently, yet they’re still dealing with high insurance premiums.
According to the Insurance Information Institute, as of January 2024, average annual full coverage premiums in Florida were $3,941 — 55% higher than the national average of $2,542 and more than $750 more than the cost of insurance in January 2023. The institute also said Florida has the highest average price for full coverage auto insurance premiums in the country.
“This increase is happening across the state,” said Dulce Suarez Resnick of Acentria Insurance in Miami. “It affects everyone.”
The longtime Florida insurance agent said many of her clients were seeing their premiums rise several hundred dollars upon renewal, adding that they were struggling to find a better rate once they shopped around.
“I have to reprice my clients like everyone else,” she said. “And I tell them, ‘You’re with the most competitive carrier.’
To save, Dulce suggests you consider increasing your deductible.
“Most people in Florida have a $250 or $500 deductible on their comp and collision,” she said. “We’re seeing a lot of people opting for the $1,000 until prices are regulated again.”
She also suggests contacting your insurance agent to see if there are any additional discounts you can apply.
“If you have young children…if they get a B+ or better grade point average, get a copy of the report card or transcript submitted to the insurance companies to get a good student driver discount,” she said. “Send them to driving school. Get a driver’s certificate and send it to the insurance company. This will help you there, too.”
If you’re a good driver and don’t drive long distances every day, you can save up to 30% on your insurance premiums if you sign up for an in-car monitoring program offered by many insurance companies, she said.
“If you choose this program, it should apply to all of your vehicles,” she said. “So just keep that in mind. But it could help you save a lot of money.”
Dulce also said that one of the largest insurance companies has applied to reduce the rate.
“For 2024, actually, we see the light at the end of the tunnel,” she said. “I would venture to guess that other airlines will too… They are starting to see the impact of these changes in repairing the damage, so have a little patience.”