Car owners in the Sunshine State pay the highest car insurance premiums in the entire country.
, with the U.S. Bureau of Labor Statistics consumer price index reporting that premiums have jumped by 17.1 percent from 2022 to 2023, driven by rising inflation, supply shortages, an increase in the severity of road accidents, and climate change.
In this picture: Abandoned vehicles sit in a flooded street on April 13, 2023, in Fort Lauderdale, Florida. The Sunshine State has seen the highest increase in car insurance premiums in the entire country in the last 10 years.In 2018, the same year when DeSantis narrowly defeated his Democratic rival Andrew Gillum for the governorship of the Sunshine State, the average insurance cost in Florida was $2,050 a year for full coverage, according to FINN.
That means that since DeSantis became governor, Florida's car insurance premiums have increased by 24.8 percent. But the surge in cost is part of a longer trend. Between 2013 and 2023, rates have increased by 88 percent"as the state deals with rising inflation pushing up the price of replacement parts and an increase in car-related crimes like insurance fraud and catalytic converter thefts," FINN writes.
FINN estimates that car insurance premiums will continue growing in Florida, expecting car owners in the Sunshine State to pay an estimated annual cost of $4,813 in 2033 if the current trends continue.
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