A New Article on the Insurance Panda Website Explains Why Drivers in The Sunshine State Typically Have High Rates on their Auto Insurance
NEW YORK, NY / ACCESSWIRE / July 27, 2020 / The founders of Insurance Panda, a leading car insurance quote comparison engine, are pleased to announce that they have posted an article to their website that answers a very common question: Why is Florida car insurance so expensive?
To read the new article in its entirety, please visit https://www.insurancepanda.com/3749/why-is-car-insurance-so-expensive-in-florida/.
As the article noted, people who feel that it is typically very expensive to insure a car in Florida are not imagining things. Florida is regularly listed as one of the top 5 or 10 states in America for car insurance costs.
On average, the article noted, drivers in The Sunshine State pay about $1,650 per year for car insurance. As a comparison, the nationwide average is about $1,325 annually.
As for why Florida drivers pay more for their car insurance, the article noted that one of the main reasons is that the state requires drivers to have Personal Injury Protection, or PIP.
"Approximately 20 percent of your auto insurance policy in Florida can go towards PIP coverage," the article noted, adding that some drivers pay as much as $2,000 per year for PIP coverage alone.
Another reason Florida car insurance can be so pricey is that the state has some of the lowest required coverage limits in the United States. While this may seem like it would cause car insurance costs to be lower, it actually ends up increasing the prices for people who want coverage of $300,000 to $500,000 or who want to pay for underinsured motorist coverage.
In addition, the article pointed out, Florida drivers pay more for car insurance because they tend to be more litigious than in other parts of the country.
"Florida drivers are more likely to seek compensation via a lawsuit, which drives up costs for insurers," the article noted, adding that Florida drivers who would like to save as much money as possible on their car insurance should compare quotes with as many insurance companies as they can.
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SOURCE: Insurance Panda