Auto insurance increase - 2024 (broker, house, to live in)

[Travelassie]

Seems to me the vehicle insurance rates have gone up exponentially with the masses of humanity that have and continue to move to Florida. Along with those masses ( and including the onslaught of snowbirds during season,) comes exponentially increased traffic on our roads and highways, increased numbers of rude, aggressive drivers, aggressive driving and road rage, leading to an major increase in traffic crashes, and deaths. I'm not happy with the insurance increases either, especially as we are retired and don't put nearly as many miles on our vehicles as we used to, but I can understand why the increases are there.


And yeah, I'd agree that the significant increase in the prices of vehicles is also a contributing factor in the increase in insurance costs.

[blueskies2023]

Originally Posted by Grlzrl

It's called inflation. You can thank the President.

Yep; neither this one or the prior or the future will help with inflation. The Mc is dying or dead already. Not sure the powers that be G.a.s.

[sinatras]

Originally Posted by Grainraiser

The increase in insurance is due to car/truck prices went up 34% during covid. Add in the parts shortages and one does not have to be a expert to know this caused used car/truck prices to increase by 30%. This is the reason why you have such short a large insurance increase. I paid 17k for a 2019 Nissan Frontier truck right before covid. The same truck with similar miles is selling for 24k today. Anyone who thinks any politician can fix this is fooling themselves.

If this were true (that car insurance prices are up simply due to the price of cars or parts), then it would cost the same amount to insure your car in Wyoming or Virginia as it does in Florida. And actually, it's half the cost to insure my car in Wyoming and Virginia as it is in Florida.

Florida is an altogether different beast (from other states) where car accident fraud is an industry. And we get to pay for it. Just count how many ambulance chasing lawyer billboards you see in Florida, vs other states. And add that number to your auto premium.

[LKJ1988]

Originally Posted by sinatras

If this were true (that car insurance prices are up simply due to the price of cars or parts), then it would cost the same amount to insure your car in Wyoming or Virginia as it does in Florida. And actually, it's half the cost to insure my car in Wyoming and Virginia as it is in Florida.

Florida is an altogether different beast (from other states) where car accident fraud is an industry. And we get to pay for it. Just count how many ambulance chasing lawyer billboards you see in Florida, vs other states. And add that number to your auto premium.

Love to run all them blood suckers out of bizz. Morons on TV every few mins over and over with stupid sayings like lb law that's all.

[Mathguy]

Originally Posted by sinatras

If you were in the industry like my entire family is, then you would know that the astronomical amount of BOGUS FRAUDULENT claims/SCAMS (in the billions of dollars) is the primary reason (although other costs as cited above are partly to blame as well) for astronomical premiums in Florida. For people like me who have lived in Fla decades and have never made a single insurance claim, having to pay for the FRAUD going on in this state is disgusting.

Just because I didn't mention it, doesn't mean I'm not aware and to state that as proof that I'm a liar is rather rude and frankly unintelligent comment to make.

[Sunshine Rules]

I read somewhere that auto insurance rates are going up nationally at a rate of around 17%. The reasons given included increased price of car parts, increased value of used cars.

In FL, my last car premium went up 23% -- although I checked several other insurance companies, that rate actually was the cheapest. I was not amused, especially after having to cope with finding new home owners insurance last spring because my previous carrier no longer wished to insure homes in our area.

What is also adding to the cost of our auto insurance rates is the high number of insurance claims here in FL. We've all seen the ads by the law firms -- in an accident, call us, we'll get you every $$$$ you deserve.... Those payouts come from somewhere and that somewhere is out of the pockets of everyone who purchases auto insurance here in FL.

[Mathguy]

Originally Posted by sinatras

If this were true (that car insurance prices are up simply due to the price of cars or parts), then it would cost the same amount to insure your car in Wyoming or Virginia as it does in Florida. And actually, it's half the cost to insure my car in Wyoming and Virginia as it is in Florida.

Florida is an altogether different beast (from other states) where car accident fraud is an industry. And we get to pay for it. Just count how many ambulance chasing lawyer billboards you see in Florida, vs other states. And add that number to your auto premium.

This thread is discussing the INCREASE in insurance costs, which is different than the total cost.

The fraud was already in place prior to the price increases.

You are correctly pointing out one of the major contributors to the total cost being higher, not the reason for the increase and if you look around the other forums you will see that the other states are getting hammered too with increases driven by inflation.

There are several factors impacting both frequency and severity of loss from state to state and the biggest drivers of cost are the state laws and the litigation\fraud as well as the % of uninsured or underinsured drivers which you pay for with your UM\UIM coverage.

We could also get into some of the other factors like storm damage (hail) which most certainly differs by state as well as congestion, road conditions (icy for example in some states), quality of drivers (florida near rock bottom there but I don't blame the residents for that). There are other factors of course left unmentioned, if you have any questions about those, then let's discuss.

FYI - Florida has the 6th highest % of uninsured drivers.

https://www.iii.org/fact-statistic/f...ured-motorists

[LKJ1988]

Originally Posted by Mathguy

This thread is discussing the INCREASE in insurance costs, which is different than the total cost.

The fraud was already in place prior to the price increases.

You are correctly pointing out one of the major contributors to the total cost being higher, not the reason for the increase and if you look around the other forums you will see that the other states are getting hammered too with increases driven by inflation.

There are several factors impacting both frequency and severity of loss from state to state and the biggest drivers of cost are the state laws and the litigation\fraud as well as the % of uninsured or underinsured drivers which you pay for with your UM\UIM coverage.

We could also get into some of the other factors like storm damage (hail) which most certainly differs by state as well as congestion, road conditions (icy for example in some states), quality of drivers (florida near rock bottom there but I don't blame the residents for that). There are other factors of course left unmentioned, if you have any questions about those, then let's discuss.

FYI - Florida has the 6th highest % of uninsured drivers.

https://www.iii.org/fact-statistic/f...ured-motorists

Mine went from 530 for 6 months in 2017 to over 1k 6 months ago. Soon it will be 4k or more per months at the rate it keeps going up.

[sinatras]

Originally Posted by Mathguy

The fraud was already in place prior to the price increases.

[/url]

This sentence right here tells me you have no earthly idea of what you are saying.

The amount of $$$$ being paid to scammers filing fake car accident claims, fake property claims, and other fake insurance claims has skyrocketed.

You have insurance companies writing $800,000 checks to scammers involved in a fender bender, thanks for fake medical bills.

That used to be unheard of.

[Travelassie]

The automobile insurance fraud industry has been around in Florida at least since I arrived in the state back in 1976. It's not right, of course, but it's nothing new.