"insurance is more expensive in FL", true? or fear-mongering/exaggerations of natives? (Tampa: apartment complex, renters)

[gypsychic]

Insurance is high in Florida because it is a no-fault state and you pay for uninsured motorists. My husband and I drive two older cars, we have good driving records, pay $180 per month with Allstate, full coverage.

[CuriousMiscer]

Originally Posted by MortonR

Florida is pretty high up the list, so there must be some credence to what people are saying...

RM

So in other words insurance is higher in FL because of the supposed higher crime rate? Seems to make sense if true.

What if you lived in a small, non-large city, that's out of the way.... would the insurance be lower there?

In any case, I would imagine the multi-thousand dollar savings from a 0% state tax would "offset" any increases to the insurance premium.

[High Plains Guy]

I just moved to Kansas from Tampa, and my insurance cost is now less than 25% of what it was with the Tampa address. We're still with the same company, insuring the same car.

[MAniacTHW]

Originally Posted by CuriousMiscer

So in other words insurance is higher in FL because of the supposed higher crime rate? Seems to make sense if true..

I can assure you, Tampa's crime rate is no higher than any other big city that people are claiming is cheaper.

[stumble]

Lived in many States over the years. NY, CA, OH, NM were all cheaper than FL by 15% to 40%. Michigan was about the only state as expensive as FL. Keep in mind however Auto rates vary by zip code.

[Spring Hillian]

Originally Posted by CuriousMiscer

So in other words insurance is higher in FL because of the supposed higher crime rate? Seems to make sense if true.

What if you lived in a small, non-large city, that's out of the way.... would the insurance be lower there?

In any case, I would imagine the multi-thousand dollar savings from a 0% state tax would "offset" any increases to the insurance premium.

I am 45 miles north of Tampa and my auto ins is less than $1,100 a year, 2 cars, no comp, no collision, do have uninsured/under insured motorist and a $50/100k policy.

[MortonR]

The cost of insurance isn't related directly to the crime rate. Granted, in areas of higher crime you pay more, but that's more due to the likelihood of your car being vandalized or stolen.

Insurance is high in Florida for two reasons:

1.) Florida is a no-fault state. The insurance companies will pay out, no matter what. That means they're "baking in" their costs up front, as there's no way to subrogate a claim in most cases. You insurer pays you, the other party's insurance pays them.

2.) PIP, or personal injury protection, is mandated by law for a maximum of $10,000 per person per incident. This means that if you are in an accident, your insurer will pay out, no questions asked, a maximum of $10,000 to your care providers before any claims are settled. As a result of this, lawyers, doctors and others have been gaming the system to get your $10k because it's essentially free money. Individuals have been staging accidents in cooperation with similar folks to do the same.

I guess you could categorize this as crime, but not the kind of crime that shows up in the sheriff's blotter.

These are the reasons for Florida's high auto insurance costs, and every insurance agent worth their salt will tell you this. If you look at the highest cost state in the nation, it's Michigan. Why? They have a PIP system that is UNLIMITED! Yes, that means if you're in an accident, the medical payout is bottomless. So where will the insurance companies get the money to pay those claims? From the people paying the premiums.

RM

[W&AE]

Ask your insurance company for an estimate to get a true answer.

[deebin]

[quote=MortonR;44428655]I have been here 20 years, and my insurance for an older car, three of which I have, adult drivers with no tickets or infractions, has pretty consistently been a little over $5,000/year. That's with full coverage, comp, and high deductible ($1,000) collision.


Why do you have comp and collision on 3 old cars? How old are we talking?

[dothetwist]

When we moved from AZ to FL, our car insurance doubled for same coverage. Married, early 60s, no accidents/claims in 10+ years, no tickets in 10+ years. Same car (Honda CR-V). I shopped around and all were virtually identical rates, from Geico to Progressive to smaller companies handled by agents.