By: Terri Lewis, BSEE, MBA | Director of Planet Connected
Recent data has positioned Florida as the 7th most expensive state for car insurance in the US. However, if Florida were to match the US average, it could potentially save residents a staggering $1.65 billion.
Recently, Insurify updated the data from June 2022 to June 2024 for drivers aged between 20-70 with a clean driving record and average or better credit. The US average for full coverage is $2,329. For Florida, the average car insurance is $3,200. Data from the Insurance Research Council in 2021 showed that Lee County residents pay even higher insurance on average than other Floridians.
While housing costs continue to be a challenge for many, there are signs in Lee County that housing prices may have peaked. A reduction in interest rates could provide added relief. However, there is no relief in sight for car insurance.
It’s Time for Action: historically, rates in Florida are driven by three critical factors;
- Frequency and Severity of Accidents
- Uninsured Motorists
- Legal Climate
The frequency and severity of accidents need to be addressed by Florida Department of Transportation, local officials, and in partnership with law enforcement. Safer road designs are long-term investments with the most significant returns.
State legislatures must address uninsured motorists and the legal climate. Other states have addressed the issues, providing an opportunity to benchmark and adopt logical policies. Heck, if we’d get to the US average, who would say no to a $1.65 billion cost reduction for residents of Florida? Even more important, it would also mean that many more people would not lose their lives on our roads.
Terri Lewis, BSEE, MBA, is the Director of Planet Connected, an Industrial Technology Consulting organization based in Fort Myers. She is currently pursuing a Master’s of Science in Civil Engineering—Smart Cities from the University of Central Florida.
