TAMPA, Fla. (WFLA) — From groceries to your rent or your mortgage, it seems the price hikes are hitting everyone from all directions.
And now, here’s news hitting Florida drivers: astronomical increases in car insurance rates.
8 By your side Investigator Mahsa Saeidi has looked into what lies behind these increases.
We have seen such turbulence in the property insurance market. Of course, this has a direct impact on owners in Tampa Bay. But car insurance has a direct impact on almost all of us.
Although there were no accidents, no tickets and no changes, a family in Pasco County saw their bill soar by 55%.
“I was completely shocked,” Pat Parlee said. “I mean who can afford that type of raise.”
Starting next week, to insure two cars, Pat will pay an extra $115 each month.
The cost of renewing his auto insurance has gone up 55% from over $1,200 to around $1,900, and that only covers half the year.
Pat has been with his insurer, United Services Automobile Association or USAA for decades.
“Once the shock passed I said what was happening who caused it,” Pat said, “I couldn’t get a clear answer on if there are any kinds of caps on the amount that your auto insurance may increase.”
“So that’s why I reached out to you because you’ve been so involved in everything with the insurance.”
8 On Your Side contacted the Florida Office of Insurance Regulation and found, for USAA, that the state’s new insurance commissioner, Michael Yaworsky, had approved, on average, a 20% rate hike across the board. the state.
Rising rates have a different impact on customers, according to insurance experts.
In a statement, the USAA says “the price of goods and services has increased significantly” and that “the USAA has not been immune to these trends.”
Insurance broker Ronald Assisi CIC, CPRM says this is not a USAA problem or even a Florida problem. Car insurance is skyrocketing nationwide because it costs more to repair and replace cars.
Driving habits have also changed. There are more people on the road, more accidents and more claims.
“There are statistics that indicate that the severity of claims has increased by more than 60% in the last 18 months,” Assisi said.
“How many Floridans should expect their auto insurance to go up? asked investigator Mahsa Saeidi.
“I would say most Floridians would see it,” Mr Assisi said.
“Bottom line, we are in one of the most inflated periods.”
So how do you lower your bill? In other states you can bundle and save, but not here.
In Florida, most carriers write a property or an automobile, not both.
So consider installing an anti-theft device, prepay your premium, and protect your credit score and driving record.
“Mahsa, I’m really worried about my home insurance in August. What will this premium increase look like?” Pat wondered.
Florida Senate President Kathleen Passidomo recently said that if rates don’t come down within a year, there will be “hell” to pay.
If you have any advice for Mahsa Saeidi, email her at [email protected].