Florida has the nation’s highest average car insurance premium, up 24% from a year ago

and clearing those book shelves and punishing that evil mouse and making women leave the state for healthcare

 

RE “potential solutions”:

#1 “might” favorably impact premiums but seems to be unknown and lacks specific changes that would lower rates
#2 would suggest increased penalties or jail time for violators. If people can’t afford auto insurance can they pay a fine?
#3 I think that those committing fraud should be criminally charged. Is the solution to add investigators to go after the lawyers, doctors, and clients who make fraudulent claims and prosecute ….. incarcerate the clients and revoke the lawyers’ and doctors’ licenses?
#4 through #6 not sure what state government should do about that.

I’d love to pay less for auto insurance but wonder what state government can do to bring that about?

 

If the politicians who are in theory in position to address it are also dependent on donations from big insurance, that complicates things.

 

Nationalize insurance of all kinds. If ACME insurance writes in one state, they write in all. Spread the risk.

 

Also, WRT no-fault insurance ….. in the event of an accident with property damage, I would very much rather deal with the agent and carrier with whom I’ve had a relationship for years ….. than some insurance company I do not know. I assume the same would apply for injuries but fortunately have never had an injury claim.

 

Democrat$ (and some Republicans) are all in on open borders so Florida has lots of uninsured motorists.

Death of George Floyd ade cops afraid of enforcing traffic laws against blacks. Black traffic fatalities about 10,000 higher than if Floyd lived.
Lots of old people live in and visit Florida.

 

Right. They drove up here from Cuba.

You really are a piece of work, aren't you?

 

Florida's first version of "No Fault" was a complete disaster. Before the injured party could sue the other driver, that person had to incur at least $10K in medical bills. Auto accident clinics starting popping up all over the place and, coincidentally enough, the "injured" patients were all leaving with at least $10,000 in bills. That's why Florida went from a minimum amount of medical bills to a threshold injury requirement.

 

I have been in the insurance business in Gainesville for 40 years. Rates have increased big time since covid from just what I see at my agency and my own insurance.
There are many factors. Cell phones have added a lot of accidents along with more cars on the roads. Inflation with the cost of parts and labor going way up along with the values of vehicles. The double hit comes from the uninsured motorist though. I am seeing rates double for U/M coverage from a year ago. Of course as rates sky rocket so do the number of un and under insured vehicles. By Florida law people only have to buy basic PIP and 10k property damage. Those people hit your newer vehicle and you end up with your company paying most of the claim. You can sue them but most days those people don't have anything and you want collect anything. Credit plays a large roll in what you will pay these days as well. Bad credit will cost you big time on auto and home rates. Another factor is you need a lot more coverage these days than you did 20 years ago as 100k liability is not near what it once was. A lot of things play into the rates we are seeing with no easy answers that I can think of.

 

I'll add you to the list of those heavily in favor of tort reform. You're in good company with our Governor!

 

The "Attorney Big Al" 1-800-HURT-123 commercials on radio in South Florida are hilarious. I can't believe they aren't on YouTube, because no lie there are some I wanted to hear again or share with people.

 

Commercial too.

Florida’s 125% Surge in Property-Insurance Bills Sows Havoc

 

Don’t forget these “clinics” also get their kickbacks from John, Dan and the others in addition to the $10,000 in bills.

 

Meanwhile, insurance companies are reaping big profits. Buffet main business is insurance and he just bought a large stake in Chubb insurance with many thinking he may buy the whole company.

 

Are you for tort reform?

 

The issue I have with the bolded is that no matter what attorney you go to, the fees are all the same, 1/3 (plus expenses). In every other facet of business, there are ways to shop fees and there is always someone who will do it for less. Except attorneys. It's almost like they all got together and wrote laws saying that they all get the same thing.
Most goods and services there is competition for costs, not lawyering though. Maybe there is more cost saving in the "legitimate" forms of lawyer like writing wills or real estate law or something.

 

I do know from a recent incident in Florida, you still only need 10k in coverage there, which is crazy.
A family member got rear ended and it caused a three car wreck. Almost none of the total damage and other costs were paid for by the offending party. So basically anyone with any sense of personal responsibility has to get a policy big enough to cover anything anyone might do to them, which has to drive up rates for the majority.
It’s a horrible system.

 

My broker told me she won't write 10k coverage anymore.