Florida Auto Insurance premium rates averaged $1.00 in the year 2008 representing a difference of 4.4 % from the previous year. The premium rates figure in 2008 implies that the Comprehensive coverage averaged at $113.68, the collision averaged at $280.92 and the liability coverage averaged at $756.04.
Apart from the shocking statistics, the National Association of Insurance Commissioners has recently conducted a survey that has found out that people living in the district of Florida, New Jersey and Columbia pay more on their auto insurance policies than the people of other states. Even with yearly changes, Florida has been a consistent state that charges high premium rates from the auto insurance policy holders. This makes the people look out for cheap auto insurance FL so that they can save their hard-earned dollars on their auto policies.
The proposed reasons behind the rising auto insurance premium rates in Florida
According to the survey, the NAIC has also reported that several factors come into play when it comes to deducing the reasons behind the sharp premium rate rise in Florida. The type of car insurance that are being brought by the prospective policy holders play an important role in the increasing costs in Florida.
Since Florida is a state that is having a good run with the economy, the citizens are getting their brand new cars and with this spending habit, the insurance companies are inventing bigger packages with extra coverage. With more traffic, the cars are more prone to accidents and this is prompting the lenders to raise the premium rates in order to safeguard themselves from increasing claims.
The factors that affect the premium costs in Florida are speed limit in cities and on highways, blood-alcohol percentage limit, hand-held cell phones, cell phone usage by the drivers and license suspension on DUI.
In the recent Florida Chamber of Commerce’s 4th Annual Insurance meet in Orlando, the lawmakers have primarily discussed on sinkholes and insurance solvency in the insurance market of Florida. They have also discussed on the important issues that affect the premium rates in Florida and the possible insurance trends in 2011.
Getting Cheap Auto Insurance FL
With such market conditions, it is very important for the people look for ways in which they can save their dollars on their auto insurance policies. Getting cheap auto insurance FL is not an effortless job, as it may seem to be. Here are some ways to get an affordable policy in Florida.
1. Get started with the minimum liability needs: Florida lenders require a certain amount of legal responsibility vehicle insurance, irrespective of what vehicle you drive or how good a driver you are. Florida’s minimum liability coverage in accordance with injury is $50,000 per accident and $25,000 per person. The death coverage liability is $50,000 per person and $100,000 per vehicle accident.
2. Shop around comparing policies: The second most important way of reducing the costs of Florida Auto Insurance policy is by comparison shopping. There are various companies that offer different prices on their policies. Make it a habit to shop around before selecting a particular policy so that you can choose the best and the most competitive one.
3. Stay away from insurance myths: While other states offer a common insurance premium on personal cars at $1,735, in Florida, the rate for the same is $2,394. The government organizations and the coverage regulators do not correct the states. You must stay away from such myths and choose a policy that is in accordance with the rates in other states.
Staying aware about the updates of auto insurance policy rates is very important to secure cheap auto insurance. Follow the ways mentioned above to get an affordable rate on your auto policies in Florida. Cover yourself completely in any situation with the proper amount of information.
Apart from the shocking statistics, the National Association of Insurance Commissioners has recently conducted a survey that has found out that people living in the district of Florida, New Jersey and Columbia pay more on their auto insurance policies than the people of other states. Even with yearly changes, Florida has been a consistent state that charges high premium rates from the auto insurance policy holders. This makes the people look out for cheap auto insurance FL so that they can save their hard-earned dollars on their auto policies.
The proposed reasons behind the rising auto insurance premium rates in Florida
According to the survey, the NAIC has also reported that several factors come into play when it comes to deducing the reasons behind the sharp premium rate rise in Florida. The type of car insurance that are being brought by the prospective policy holders play an important role in the increasing costs in Florida.
Since Florida is a state that is having a good run with the economy, the citizens are getting their brand new cars and with this spending habit, the insurance companies are inventing bigger packages with extra coverage. With more traffic, the cars are more prone to accidents and this is prompting the lenders to raise the premium rates in order to safeguard themselves from increasing claims.
The factors that affect the premium costs in Florida are speed limit in cities and on highways, blood-alcohol percentage limit, hand-held cell phones, cell phone usage by the drivers and license suspension on DUI.
In the recent Florida Chamber of Commerce’s 4th Annual Insurance meet in Orlando, the lawmakers have primarily discussed on sinkholes and insurance solvency in the insurance market of Florida. They have also discussed on the important issues that affect the premium rates in Florida and the possible insurance trends in 2011.
Getting Cheap Auto Insurance FL
With such market conditions, it is very important for the people look for ways in which they can save their dollars on their auto insurance policies. Getting cheap auto insurance FL is not an effortless job, as it may seem to be. Here are some ways to get an affordable policy in Florida.
1. Get started with the minimum liability needs: Florida lenders require a certain amount of legal responsibility vehicle insurance, irrespective of what vehicle you drive or how good a driver you are. Florida’s minimum liability coverage in accordance with injury is $50,000 per accident and $25,000 per person. The death coverage liability is $50,000 per person and $100,000 per vehicle accident.
2. Shop around comparing policies: The second most important way of reducing the costs of Florida Auto Insurance policy is by comparison shopping. There are various companies that offer different prices on their policies. Make it a habit to shop around before selecting a particular policy so that you can choose the best and the most competitive one.
3. Stay away from insurance myths: While other states offer a common insurance premium on personal cars at $1,735, in Florida, the rate for the same is $2,394. The government organizations and the coverage regulators do not correct the states. You must stay away from such myths and choose a policy that is in accordance with the rates in other states.
Staying aware about the updates of auto insurance policy rates is very important to secure cheap auto insurance. Follow the ways mentioned above to get an affordable rate on your auto policies in Florida. Cover yourself completely in any situation with the proper amount of information.
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