Jamie Ibone is still getting used to paying more to insure himself and four other drivers in his family."I used to pay about $800 a month, which is a lot, and I'd say it's gone up to like $1,200 now just in the last couple of years," Ibone said. And he's not alone.Florida drivers are paying a lot more for car insurance compared to the national average, which is about $194 a month.According to Insurify, the average Florida driver spends about $267 a month on car insurance, which comes out to about $3,200 a year. Industry analysts think these numbers will rise even higher. They've predicted an 18% increase before the end of 2024.Insurify crunched that data in August and said most drivers across the country are paying more because vehicle maintenance and repair costs have increased due to inflation.There are some unique factors, however, contributing to Florida's higher premiums. "Vehicle accident rates are also up substantially since the pandemic. Florida also has an above-average rate when it comes to fatal accidents. Both those factors are contributing to an increase in prices, particularly in the state of Florida," said Insurify data insights manager Chase Gardner.But what role, if any, could hurricanes Helene and Milton play in how much we have to pay?"Natural disasters do have some impact on auto insurance rates, but they're not a major factor. They're one of more than a dozen factors," said Insurance Information Institute spokesman Mark Friedlander. Jason Levine is the president of Harry Levine Insurance in Orlando and isn't hopeful premiums will decrease."Much like on the property side, I think we could see a stabilization. Are we going to see prices go back to where they had been previously? I don't have a crystal ball. I don't think so," Levine said.Despite the rising costs associated with car insurance, Levine said drivers can save some money by paying their premiums in full."Very often, somewhere between 10 and even 20 percent can come off the top if you're able to pay in full. Another thing is if you have youths, make sure you're taking advantage of good student discounts if they qualify. It's typically a B average or better," Levine said. He also suggested using an app that monitors your driving habits to save money with your insurance company.Drivers like Ibone, however, are taking the rising premiums in stride."Just go to pay it. You got to have it," Ibone said.The Florida Office of Insurance Regulation has this cost comparison tool you can use to look up car insurance premiums in your county.
Jamie Ibone is still getting used to paying more to insure himself and four other drivers in his family.
"I used to pay about $800 a month, which is a lot, and I'd say it's gone up to like $1,200 now just in the last couple of years," Ibone said.
And he's not alone.
Florida drivers are paying a lot more for car insurance compared to the national average, which is about $194 a month.
According to Insurify, the average Florida driver spends about $267 a month on car insurance, which comes out to about $3,200 a year. Industry analysts think these numbers will rise even higher. They've predicted an 18% increase before the end of 2024.
Insurify crunched that data in August and said most drivers across the country are paying more because vehicle maintenance and repair costs have increased due to inflation.
There are some unique factors, however, contributing to Florida's higher premiums.
"Vehicle accident rates are also up substantially since the pandemic. Florida also has an above-average rate when it comes to fatal accidents. Both those factors are contributing to an increase in prices, particularly in the state of Florida," said Insurify data insights manager Chase Gardner.
But what role, if any, could hurricanes Helene and Milton play in how much we have to pay?
"Natural disasters do have some impact on auto insurance rates, but they're not a major factor. They're one of more than a dozen factors," said Insurance Information Institute spokesman Mark Friedlander.
Jason Levine is the president of Harry Levine Insurance in Orlando and isn't hopeful premiums will decrease.
"Much like on the property side, I think we could see a stabilization. Are we going to see prices go back to where they had been previously? I don't have a crystal ball. I don't think so," Levine said.
Despite the rising costs associated with car insurance, Levine said drivers can save some money by paying their premiums in full.
"Very often, somewhere between 10 and even 20 percent can come off the top if you're able to pay in full. Another thing is if you have youths, make sure you're taking advantage of good student discounts if they qualify. It's typically a B average or better," Levine said.
He also suggested using an app that monitors your driving habits to save money with your insurance company.
Drivers like Ibone, however, are taking the rising premiums in stride.
"Just go to pay it. You got to have it," Ibone said.
The Florida Office of Insurance Regulation has this cost comparison tool you can use to look up car insurance premiums in your county.