FLA. — Florida drivers may be able to save a few dollars on their car insurance this year after three major companies announced rate reductions.
The three largest auto insurance providers in the state, GEICO (10.5% decrease), State Farm (6% decrease) and Progressive (8.1% decrease) will offer significantly lower rates for drivers.
Experts in the field point to recent legislative reforms for the reductions.
“Elimination of assignment of benefits for windshield claims. That was a big driver of fraud and legal system abuse,” said Mark Friedlander with the Insurance Information Institute.
In 2023, nearly 60,000 lawsuits were filed related to windshield replacements.
By 2024, that number dropped to 10,000.
“We had a 500% decline in those types of claims,” said Friedlander.
“The savings are being passed on to consumers.”
Florida drivers, on average, pay $4,100 a year on their auto insurance, one of the highest rates in the country.
