FL Auto Insurance Rates - Ouch!

[Buckeye]

I called USAA to get a quote for auto insurance for our move to FL. OMG, it's double from the cornfields of OH to Largo! I knew the cost of insurance was going to increase but the amount of the increase caught me by surprise. I'm thinking of dropping our liability limits from $100k/$300k to $50k/$100k. Is that penny wise and pound foolish or is $50k/$100k adequate? I had the limits at $100k/$300k in OH because it was soooo cheap!

I also asked for a renters insurance policy but they don't write them in that area so I have to go to the General Agency (I think that's what they called it) arm. I'll find out what that costs on Monday.

 

[Moemg]

Mine went the opposite way when I moved from new Jersey to Venice ,Fl.

 

[Maurice]

Its those damn retirees!

Just kidding.


It would be interesting to see average car insurance rates plotted against population density. I suspect the correlation would be very high.

 

[MichaelB]

Mine decreased as well - from NY to Fl (broward county). I did have a problem getting renters - we moved in July, the beginning of hurricane season, and it seems lots of insurers limit the number of new policies they write by area in the late spring to early summer. USAA declined to extend an offer and I had to contact 7 or 8 State Farm agents before I found one that could write a new renters policy.

I also found USAA to be substantially higher than State Farm in auto rates, fwiw.

 

[brewer12345]

FL has additional reasons for problems. The game of chicken that ther state has played with the insurers over homeowners insurance has lead to insurers leaving the state entirely or restricting the amount of business they do there, which tends to put the squeeze on prices. Good job, Gov. Crist!

 

[ziggy29]

It would be interesting to see average car insurance rates plotted against population density. I suspect the correlation would be very high.

Ours dropped about 20% when we moved from Houston to a small town in the Hill Country. This is with USAA and about three years ago.

 

[Buckeye]

You know if USAA doesn't want to write policies it's the regulators causing problems and not just whining insurance companies.

I may have to check out another company for auto insurance. If there isn't a significant reduction, I'll stick with USAA because I know a claim will be trouble-free.

 

[ziggy29]

You know if USAA doesn't want to write policies it's the regulators causing problems and not just whining insurance companies.

I'd say so. Insurance companies are not in business to lose money, and if it were possible to price policies to make a profit in Florida (or anywhere else), they'd write new policies there.

Haven't heard this was a big problem with auto insurance, but it is certainly a big problem with homeowners insurance. Hurricane risks are huge and it seems like Florida insurance regulators think the insurers should price Florida policies (especially on the coast) such that the other 49 states are subsidizing the risk.

 

[FIREd]

How does the "no-fault" law affect auto insurance premiums in state like FL?

 

[Buckeye]

The extra cost seems to be coming mostly from the liability portion of the policy. Does that say lots of lawsuits going on? I do remember being astounded by the amount of advertising by personal injury lawyers when we previously lived in FL.

 

[ziggy29]

The extra cost seems to be coming mostly from the liability portion of the policy. Does that say lots of lawsuits going on? I do remember being astounded by the amount of advertising by personal injury lawyers when we previously lived in FL.

Could be a lot of lawsuits, but it could also be plaintiff-friendly state laws and sympathetic juries.

 

[KB]

You might try Florida Farm Bureau for your auto insurance. They were hundreds less than the Hartford for my auto insurance.

 

[Buckeye]

I just did an online quote with Progressive and the 6-month premium is about $500 with the liability coverage back up to $100k/$300k and property damage at $100k. That's $190 cheaper every 6-months apples-to-apples compared to USAA. $380 per year is definitely a reason to change.

We dealt with Progressive 6 years ago when one of their customers damaged our car. It was quick and easy.

Anyone have experience with Progressive?

 

[ziggy29]

I just did an online quote with Progressive and the 6-month premium is about $500 with the liability coverage back up to $100k/$300k and property damage at $100k. That's $190 cheaper every 6-months apples-to-apples compared to USAA. $380 per year is definitely a reason to change.

We dealt with Progressive 6 years ago when one of their customers damaged our car. It was quick and easy.

Looks like Flo helped you build a quote that works well for you.

 

[Buckeye]

 

[freebird5825]

Anyone have experience with Progressive?

Only for my snowmobile insurance. I have Travelers for everything else, but they do not offer snowmobile policies.
My service rep is a local insurance broker who has multiple company affiliations. No 800 numbers for this kid.
I haven't had to file any claims (a good thing ). So far so good, no drastic rate changes or surprises after the policy was initiated. This is my 3rd year with them.

 

[Nords]

You know if USAA doesn't want to write policies it's the regulators causing problems and not just whining insurance companies.

Here's another data point-- USAA hasn't written homeowner's insurance in Hawaii since at least 2006. (They might have started that policy right after Katrina.) They make an exception for active-duty first-time home buyers who transferred to Hawaii on orders, but us local homeowners can't jump over to USAA.

I may have to check out another company for auto insurance. If there isn't a significant reduction, I'll stick with USAA because I know a claim will be trouble-free.

It hasn't been a smooth 28 years, but it's been largely trouble-free.

And probably much better than a Berkshire discount at GEICO or through another military insurance company partnered with Progressive.

BTW I wouldn't cut back on liability insurance, and you might even want to consider boosting the UM/UIM. Insure your gross worth against lawsuits and ensure that if one of you needs lifetime care after being hit by an uninsured driver that you'll at least get some funds to support the expenses.

 

[MichaelB]

How does the "no-fault" law affect auto insurance premiums in state like FL?

There was a change in the auto insurance regulations in the last 1 or 2 years affecting uninsured motorist - collision, liability and medical coverage. Uninsured medical was big $$. I think it went from optional to mandatory with an opt-out.

In general, over the past 2-3 years when I have compared quotes for my kids - just to see how rates compare, I find pretty significant differences in coverage explain much of the premium differences. This is between State Farm, USAA and Geico.

Re USAA, my mother and all 4 siblings use USAA across the board, and I would too - but they won't give me homeowners and the auto policy is at least 30% higher than State Farm.

 

[ziggy29]

Re USAA, my mother and all 4 siblings use USAA across the board, and I would too - but they won't give me homeowners and the auto policy is at least 30% higher than State Farm.

The irony here is that I was with State Farm until we moved to Texas and State Farm wouldn't write homeowners here -- causing me to lose the multi-line discount through no fault of my own. Then I switched to USAA...