Rate decreases announced by Florida’s top five auto insurers. Here they are.
Car insurance rates are falling in Florida, thanks to improved company profits and lower costs from reforms aimed at ending excessive litigation.
Dating to late 2024, the state’s five largest auto insurance groups have all asked Florida’s insurance regulators to approve rate reductions for their various lines of business, a review of rate filings by the South Florida Sun Sentinel shows.
Last week, Gov. Ron DeSantis attributed the reductions — averaging 6.5% among the state’s five largest auto insurers — to the same reforms enacted in 2022 and 2023 that are credited with stabilizing home insurance rates in the state.
Among other changes, the reforms prevented windshield-replacement companies from requiring customers to sign over the benefits of their insurance claims. Insurers contended that contractors would use the signed-over benefits to sue insurers and collect legal fees that far exceeded the costs to replace broken windshields.
DeSantis vowed to keep the reforms in place amid efforts by some lawmakers to reinstate legal fees for plaintiffs who successfully challenge insurers’ initial claim settlement offers.
