Car insurance so expensive in FL
- Thread starter JJ2713
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Amy Huddleston
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- 12
That actually seems about the norm for full coverage I think now depending on the company you sell for. I sell for state farm, and full coverage minus a homeowner or renters discount is easily that here in Alabama, this it makes it really hard to sell at the moment. Throw in a ticket or 2 and its about impossible. Companies like Integon Indemnity, USAA, etc., have killed us competition wise over the past several months.
- 2,261
Historically Florida auto rates are high because of the statewide rate of claims, especially theft. Many theft claims have ultimately turned out to be older policy holders who have run short of money and send the car into the canal and report the loss as theft. Senior populations in the state aren't helping. My parents received a price break of almost 1/2 of their premium when they moved out of Florida and they were just as guilty with their driving habits (go slow, change lanes without signal or looking, back up but don't look). Mom's answer was "Oh, they know to look out for me" Had to take her keys away.
- 15,041
South Florida is Fraud Central. I wouldn't be surprised if they are already running scams on pet insurance. I won't make any speculation as to why, but you'd be hard pressed to find an area with as much insurance fraud as South Florida.
Basically, a lot of your premium is paying for the larceny of others. Even if they are caught, there are still claims that were already paid plus investigation expenses.
- 2,261
I was being nice and did not use the word fraud
- 15,041
Bad driving is one thing, but the outright fraud in Florida and especially South Florida are huge. Put the two together and it means high premiums in Florida.
- 15,041
You should probably tweak your marketing. We are doing really well for some agents in Alabama right now. You really need to hone in on the risks you do well with and market to them.
- Thread starter
- #8
It's true. South FL is the fraud capital of the USA.
And not just for car insurance fraud, but for all insurance.
For example, I always hear of some owner of medical clinics who was committing Medicare fraud.
These people didn't learn anything from Tony Montana in Scarface, which took place in Miami. Keep it small and stay under the radar.
But they want it all, so they open up like 20 clinics and defraud the government for hundreds of millions. Of course, the size and scale of the operation gets noticed.
And not just for car insurance fraud, but for all insurance.
For example, I always hear of some owner of medical clinics who was committing Medicare fraud.
These people didn't learn anything from Tony Montana in Scarface, which took place in Miami. Keep it small and stay under the radar.
But they want it all, so they open up like 20 clinics and defraud the government for hundreds of millions. Of course, the size and scale of the operation gets noticed.
What is the premium broken down by coverage, e.g., liability, medpay, UM/UIM, PIP, physical damage? I have some UM statistics from Florida based on a DOI study that shows HUGE numbers of uninsured drivers. I've seen estimates as high as 80% in some counties. That will go a long way towards increasing YOUR premium.
- 1,481
Lets not forget Drug problems are off the chats there. If a carrier knows they will be insuring a Meth head 1/4 or 1/5 vs OK where it is 1/38, rates got to climb!
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