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Floridians Pay Second-Highest Auto Insurance Premiums In U.S.

 Friday, May 20, 2022

 Live Insurance News

Florida auto insurance customers are paying more for their car coverage than nearly any other drivers in the United States.

To keep their coverage, Floridian motorists must send more of their paychecks to pay their premiums.

This, according to the data published in a new Bankrate.com report, suggests that Sunshine State residents are paying more of their income for their auto insurance than other drivers across the country. In fact, an average of 4.42 percent of Florida drivers’ annual incomes are spent on their premiums.

The report, called the ‘True Cost of Auto Insurance’ stated that on average, motorists across the country are spending $1,771 per year for full coverage, which represents about 2.57 percent of the average American income.

When compared to the average Floridian’s salary, drivers in the state’s largest metropolitan areas are paying some of the highest amounts in the country to ensure their vehicles are covered. Tampa and Miami are the metropolitan areas in the country in which the largest portion of income is spent on car premiums. There, 4.49 percent and 5.58 percent of annual income are spent, respectively, said the study.
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