Analysts have noted that some Florida consumers are seeing a drop in rates with their auto insurance.
But the researchers at CarInsurance.com say the average annual premium for Florida drivers is still high, hovering to almost $4,000 a year.
The national average annual cost for a full-coverage policy is around $2,578.
So why is the cost higher in Florida?
Mark Friedlander, from the Insurance Information Institute in Florida says the higher rates are driven by severe weather and uninsured motorists.
“Florida drivers pay high average premiums in the United States due to a variety of factors. These include the impact of severe weather on roadways, heavy traffic patterns on interstates generated by residents and millions of annual visitors, congested roadways in major metro areas, a state’s no-fault insurance law and the fact that Florida has one of the highest uninsured motorist rates in the United States – 20.4%,” said Friedlander.
But not all states are created equal and the laws in your state and your driving profile and vehicle profile can cause rates to vary.
Car Insurance.com found the most expensive states, include Louisiana, Michigan and Nevada— these markets show the highest average annual full-coverage premiums.
Cheapest states include Vermont, New Hampshire and Hawaii — drivers in these states see some of the lowest average car insurance rates.
State laws and risks drive rate differences — minimum coverage requirements, accident rates, theft frequency and weather-related claims all influence premiums.
Even the zip codes and where you live can determine your auto insurance cost.
Insurance agents say the assign risk levels to ZIP codes based on the number of uninsured drivers and the frequency of thefts, collisions and vandalism to gauge the likelihood of such incidents in a specified zip code can project what rates will look like
