Insurance experts say it’s time to shop for your auto policy because rates are dropping across the board. Mark Friedlander with the Insurance Information Institute says the five largest carriers that make up 80 percent of Florida’s market are all dropping rates. Those include State Farm, Allstate, USAA, Progressive and Geico. “In fact, we just learned from State Farm, they have filed four rate reductions over the past year, totaling 20%. So State Farm, which is the number one auto insurer in the United States based on its market share, they have filed four rate reductions in Florida over the past year, totally 20%,” Friedlander said, “we’re not seeing this anywhere else in the country.”The Auto Club Group announced that since January, they’ve had three separate rate decreases for AAA-branded auto insurance policies, which have lowered auto premiums by more than 15 percent. They announced in a press release, the ACG filed a fourth round of rate reductions for Florida auto policies that, if approved, would take effect in January for new business and March for renewals. “That would be amazing. That would be really helpful,” said Angie Amore, reacting to the news. “I would hope so, because it helps balance even the home insurance, too.”Friedlander credits the reductions partly to the legislative actions to stop claim fraud, specifically around glass repairs. “There were unscrupulous actors targeting Florida drivers at car washes, gas stations and shopping centers, where they would see a crack in a windshield and offer a gift card to the consumer to handle their glass claim. And these would end up being, sometimes six figure settlements for what could be a two to $300 repair,” Friedlander said. He wanted to remind drivers that windshield cracks are covered by comprehensive auto policies. Friedlander recommended another way to save is to bundle your auto and homeowners, or renters. He said that it can save you up to 20 percent in some cases.
Insurance experts say it’s time to shop for your auto policy because rates are dropping across the board.
Mark Friedlander with the Insurance Information Institute says the five largest carriers that make up 80 percent of Florida’s market are all dropping rates. Those include State Farm, Allstate, USAA, Progressive and Geico.
“In fact, we just learned from State Farm, they have filed four rate reductions over the past year, totaling 20%. So State Farm, which is the number one auto insurer in the United States based on its market share, they have filed four rate reductions in Florida over the past year, totally 20%,” Friedlander said, “we’re not seeing this anywhere else in the country.”
The Auto Club Group announced that since January, they’ve had three separate rate decreases for AAA-branded auto insurance policies, which have lowered auto premiums by more than 15 percent.
They announced in a press release, the ACG filed a fourth round of rate reductions for Florida auto policies that, if approved, would take effect in January for new business and March for renewals.
“That would be amazing. That would be really helpful,” said Angie Amore, reacting to the news. “I would hope so, because it helps balance even the home insurance, too.”
Friedlander credits the reductions partly to the legislative actions to stop claim fraud, specifically around glass repairs.
“There were unscrupulous actors targeting Florida drivers at car washes, gas stations and shopping centers, where they would see a crack in a windshield and offer a gift card to the consumer to handle their glass claim. And these would end up being, sometimes six figure settlements for what could be a two to $300 repair,” Friedlander said.
He wanted to remind drivers that windshield cracks are covered by comprehensive auto policies.
Friedlander recommended another way to save is to bundle your auto and homeowners, or renters. He said that it can save you up to 20 percent in some cases.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.