Car Insurance Co.

[Kim in FL]

Originally Posted by mikezak

I see the points being made on ownership vs. renting. We looked into renting a condo and it ranged from $2500 - $3000 a month. That is $7500 - $9000 annual expense.

We purchased just after the 'bubble' in 2012 in Estero / South Ft. Meyers area. 2BD/2BA, 1100+ sq ft for just over $100K,...with a fixed rate of 3% (and a 25% downpayment) we are paying $400+ a month and $3000+ annually for Association Fees + $50 Utilitties (average). But (at least for now) the Fed Tax break for Interest and at the Fed Tax Bracket of 25% that also is an additional $500 break.

Sure there are maintenance involved, but see listings in our area for $130+ for the same units (if we wanted to sell). Our plans are to become full time residents (8 months a yr) within 1-2 years.

So the comparison for us was to buy.

We have been lucky, but the point I would like to make is that there are some good deals out there if you plan on becoming FL Residents.

This thread is about car insurance..not buying vs renting a home.

[meekocat]

We had to change to State Farm from Travelers. Even so, auto insurance on 3 1995 - 2002 BMW's (2 paid for), was twice as much here as Colorado. I think Florida forces people to carry double uninsured motorist or something, Colorado got rid of that years ago. Our cost is $238 a month with full coverage on one car and liability only on the other two.

[Kim in FL]

Originally Posted by meekocat

We had to change to State Farm from Travelers. Even so, auto insurance on 3 1995 - 2002 BMW's (2 paid for), was twice as much here as Colorado. I think Florida forces people to carry double uninsured motorist or something, Colorado got rid of that years ago. Our cost is $238 a month with full coverage on one car and liability only on the other two.

Your credit also determines your insurance rate,......that's a lot of money for cars that old.

[hiknapster]

Originally Posted by Kim in FL

Your credit also determines your insurance rate,......that's a lot of money for cars that old.

As does your accident and violation history. If they had to switch from one company to another, that could be why. There are many variables that are considered when deriving a premium.

No meeko, there isn't "double" uninsured motorist coverage in Florida. Maybe there should be since there are so many people in Florida driving around without insurance but there is no such thing, named that or something else. By the way, Florida is third in the country for uninsured motorists.

Florida does have mandatory personal injury protection (PIP) while Colorado has it, it is not mandatory. Generally speaking, Florida's rates are higher than most areas of the country. Yes Riko, it's lower than Long Island but auto insurance almost everywhere else is lower than there. Rates are high because there are a lot of uninsured, but also a lot of people from other countries and states, a lot of different driving habits all bouncing off each other like atoms before a nuclear reaction, much like the New York City metropolitan area.