Florida’s top five auto insurers plan to cut rates by an average of 6.5% this year, bringing welcome relief to drivers who have faced steep premium increases in recent years.

This marks a significant turnaround from last year’s 4.3% increase and an even more dramatic shift from two years ago when car insurance rates soared by nearly 32%.

Florida Car Insurance Rates Dropping 6.5% After Years of Increases | What You Should Know

One major insurance group is even considering cuts of up to 11.5%.

“The continued reduction in auto insurance rates is yet another sign that Florida’s reforms are working,” said Governor Ron DeSantis. “We will protect our reforms from those who seek to undo them and continue to fight for Floridians.”

State officials credit recent legislation for helping drive down the costs of car insurance across Florida.

Chief Financial Officer Blaise Ingoglia said the rate cuts represent real savings for residents.

“Thanks to Governor DeSantis and recent strong legislative reforms, Florida’s auto insurance market is turning the corner. When the top insurers in the state are cutting rates by up to 11.5 percent, that’s not just a statistic, it’s money back in the pockets of Florida residents,” Ingoglia said.

Commissioner Mike Yaworsky noted that these five insurance groups represent about 78% of Florida’s auto insurance market.

“We are seeing steady signs of auto insurance rates dropping in Florida. Thanks again to effective legislative reforms, Florida’s auto insurance market continues to improve,” Yaworsky said.

For drivers looking to maximize their savings, experts recommend shopping around rather than automatically renewing with your current provider. The added competition can often lead to even lower rates.

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