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Insurance Rates: Why are South Florida Premiums so Expensive?

One of the reasons why people are not keen on acquiring insurance for their vehicle is due to the rising Florida auto insurance rates. Broward and Palm Beach drivers pay about $1,705 per driver on average, which is 38% higher than the national average. This makes auto insurance premiums in Florida the fifth most expensive within the USA. Florida’s traffic density, as well as its urban population, is what contributes to high auto insurance premiums. Due to fast moving city highways and faster cars in and around the state of Florida, there are far more accidents than usual.

Other factors that contribute to expensive insurance premiums are related to the amount of accidents that take place in Florida. The combination of aggressive speeding driver, texting drivers, drunk drivers and older drivers, who typically drive at a much slower speed, account for a good portion of accidents. In addition to these drivers, there are many tourists and foreigners in Florida who are not familiar with the area and the density of traffic. All these variables contribute to the higher accident rate; and subsequently a higher auto insurance rate. Other reasons for higher premiums can be attributed to the number of drivers that drive unsafe vehicles, and/or are uninsured.

Another challenge that auto insurance companies are facing is staged automobile accidents. Organized groups stage automobile accidents and submit fraudulent claims. According to the National Insurance Crime Bureau (NICB), Florida accounts for 27% of all accidents that are staged in the U.S. West Palm Beach, Miami, Orlando, Hialeah and Tampa rank among the top ten cities facing auto insurance losses. In return, Florida drivers pay the price when it comes time to purchase insurance.

If you have been injured in an automobile accident in South Florida and would like to know your rights, contact Darfoor Law Firm at 1-833-DARFOOR to speak with our experienced personal injury lawyers.

If you are a Florida driver, have you noticed changes to your premium, by way of more expensive insurance premiums? Please leave a comment on our Instagram page. We look forward to receiving your feedback.

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