If you wonder why Florida drivers pay some of the highest rates in the country for car insurance, look at the other drivers on the road.
A new study from the Insurance Research Council shows a large spike in uninsured and underinsured drivers.
The study found one-in-five Florida drivers are uninsured, that ranks the 7th highest in the country.
Additionally, more than a third (38.3%) are classified as being underinsured, meaning they have car insurance, but their liability coverage limits aren’t enough to cover the full extent of damages and injuries in a car accident.
The report found that’s the second highest rate in the country.
According to the IRC, Florida has seen a 10% spike in uninsured and underinsured drivers since 2017.
“The bottom line is at fault accidents are more expensive than ever before. We have advanced technology in vehicles. That’s costing a lot more, even for a fender bender, to repair a vehicle in an accident compared to 10 years ago,” said Mark Friedlander with the Insurance Information Institute.
Florida drivers pay more than $4,100 for full auto coverage insurance according to a study by Bankrate.
That’s a 25% increase from last year.
