Be Smart About Your Auto Insurance

September 30, 2019

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Auto insurance is expensive in Florida. The average car insurance rate in the Sunshine State is over 31% higher than the US average, making us the 4th most expensive states for auto insurance! Since 2011 car insurance premiums have risen around 23% marking the highest they've ever been! But there is one thing you should do annually before renewing your policy and that's to shop around. A recent survey found 54% of drivers have been with their current company for 15 years or more. Among those who switched in the past five years, only 18% said they regularly searched for new coverage. While the number one reason people do not shop around is the fear their new company will drop them if they get in an accident is simply not true. So be a smart shopper and shop insurance annually. Focus on claims-settlement experience and price. Start with a "direct writer," which is company that employs their own agents for a quote. Then go to an independent agent with a "can you beat this" attitude to see if they can indeed beat it. If you decide to stay put, ask your carrier about reducing your premiums based on your car’s depreciation. That’s a potentially money-saving adjustment the insurer may not be doing on its own. As for the most expensive cars to insure, according to The Zebra, the Audio R8 tops the list with an annual premium of $4,102. The BMW i*, Dodge Viper, Nissan GT-R and Porsche 911 round out the top 5.  As for the lowest-priced models, The Subaru Outback averages $1,392 annually, followed by the Chevrolet Colorado, Ford Escape, Fiat 500X and Subaru Crosstrek round out the lowest five.

SOURCE: Consumer Reports

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