SARASOTA, Fla. – Florida Gov. Ron DeSantis announced on Wednesday that the state has secured nearly $1 billion in credits for Progressive auto insurance policyholders.
DeSantis made the announcement during a news conference in Sarasota and said the credits are a result of litigation reforms that have been implemented recently, giving consumers the ability to get refunds on their policies.
“So 78% of our auto market are the top five companies, and they are seeing reductions, and part of the reason they’re able to do that is because you have seen a decline in litigation expenses almost really immediately from when the 22-23 reforms were put in,” DeSantis said.
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According to DeSantis, Progressive policyholders will get an average rebate of $300.
“It might be a check, it might be a credit on your bill,” DeSantis said.
The governor also said the state is in negotiations with other major auto insurance companies to follow suit.
“I don’t think there’s any reason to think these other companies are any different than Progressive. I think you’re going to see rebates. I think you’re going to see maybe checks, however they decide to do it,” DeSantis said.
Florida Office of Insurance Regulation Commissioner Michael Yaworsky joined the governor in the announcement.
“I want to commend Progressive particularly for coming to the table first, to work with us to negotiate this, to get dollars back to consumers faster, to avoid those statutory triggers and avoid a fight,” Yaworsky said.
The governor said he hopes all major auto insurance companies will be on board with offering rebates to their policyholders by Jan. 1.
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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.