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Auto insurance costs Floridians more than nearly everywhere else in the US, study finds

Ron Hurtibise, South Florida Sun Sentinel on

Published in Automotive News

Floridians on average pay the second-highest share of their incomes on auto insurance premiums, according to a tally of data from price comparison website

The tally, based on the website’s True Cost of Auto Insurance in 2022 annual report, compared what 40-year-old drivers with clean driving records and good credit pay across all 50 U.S. states and Washington D.C.

In Florida, the average driver spends 4.42% of their income on auto insurance. That’s behind only Louisiana, where drivers must spend 5.26% of their incomes.

In a dollar-for-dollar comparison, Florida drivers pay an average $2,762 a year for what Bankrate describes as full coverage. The most expensive state was New York, where the same driver pays $2,996 a year. Louisiana was number three at $2,864. Drivers in Maine, the lowest-cost state, paid an average $876.

Florida’s average cost was nearly $400 more than the $2,364 average in Bankrate’s 2021 report. It also far exceeds the national average of $1,771 or 2.57% of annual income.

Auto insurance costs in busy, litigious, congested South Florida are even higher than the state average, Bankrate’s report shows. In the metro region composed of Broward, Palm Beach and Miami-Dade counties, the average premium was $3,508.


Rates were calculated based on assumptions that each customer drives a 2020 Toyota Camry, commutes five days a week and drives 12,000 miles annually.

The study also assumed each driver carried full coverage. That’s defined as: $100,000 bodily injury liability per person, $300,000 bodily injury liability per accident, $50,000 property damage liability per accident, $100,000 uninsured motorist bodily injury per person, $300,000 uninsured motorist bodily injury per accident, $500 collision deductible, and $500 comprehensive deductible.

The state has historically come out near the top of auto insurance price comparisons, regardless of which organization produces the comparison. In 2018, price comparison site The Zebra found Florida was the fifth-most expensive state. A decade earlier, Florida’s average premium for liability coverage was second-highest in the nation, according to the Property Casualty Insurers Association of America.

Why Florida?


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