The last thing anyone wants is to open a letter from their insurance provider to find out that their rates are increasing. Yet that is something that happens to millions of people on an annual basis. Typically speaking, Florida insurance rates will increase 3-4 percent per year on average. There have been some years when people have seen overall increases as much as 7 percent. It’s important to understand what can lead to Florida vehicle insurance rate increases and what you can do about it.
There are many factors that can increase your insurance rates, including getting tickets and what zip code you happen to live in. But there are some other factors that can increase your rates that you may not be aware of. These include:
- Gas prices and medical costs. When gas prices are down, insurance rates may go up, because people tend to drive more. When medical costs increase, insurance rates will go up to help cover those additional expenses.
- Vehicle technology has an influence over what you pay for your Florida vehicle insurance rates. As vehicles become more technology focused, they also become more expensive to insure. This is because even a small repair can cost more money.
- We’ve all seen distracted drivers out on the road. As people become more distracted as they drive it leads to more accidents, which leads to higher insurance rates. Distracted driving actually costs everyone more money in the long run.
You may not be able to do anything about these issues that can lead to Florida insurance rate increases, but you can do something to find lower rates. To get more affordable Florida car insurance rates some people opt for older vehicles or to increase their deductible. No matter what route you take, you should do a rate comparison at least once a year to ensure you are getting the best Florida car insurance rates possible.
Let me help you find the most affordable Florida vehicle insurance rates. Get your free no obligation quote today!