Florida Car Insurance Has Gone Up Nearly 25% Since DeSantis Became Governor

By

Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property insurance market, local and national politics. She has previously extensively covered U.S. and European politics. Giulia joined Newsweek in 2022 from CGTN Europe and had previously worked at the European Central Bank. She is a graduate in Broadcast Journalism from Nottingham Trent University and holds a Bachelor's degree in Politics and International Relations from Università degli Studi di Cagliari, Italy. She speaks English, Italian, and a little French and Spanish. You can get in touch with Giulia by emailing: g.carbonaro@newsweek.com.

Writers Page
US News Reporter
Trust Project Icon Newsweek Is A Trust Project Member

🎙️ Voice is AI-generated. Inconsistencies may occur.

Car insurance premiums in Florida have surged by nearly 25 percent since Ron DeSantis won the state gubernatorial election in 2018, according to data obtained by Newsweek.

The cost of car insurance has significantly increased in the past year, with the U.S. Bureau of Labor Statistics consumer price index (CPI) 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.

But in no other state car insurance premiums have ballooned as much as in Florida, according to data collated by FINN, a company that offers subscription-based car services including maintenance, insurance, and roadside assistance.

Cars Florida
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... Joe Raedle/Getty Images

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. It was already among the three most expensive in the nation—as it still is today— following Michigan ($2,239), and Louisiana ($2,126).

According to FINN's latest report, which uses data from Insure, Florida currently has the highest car insurance rates in the country, with an average annual premium of $2,560 for full coverage, followed by Louisiana ($2,546), Delaware ($2,137), Michigan ($2,133), and California ($2,115).

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.

According to the company, insurance is so expensive in Florida because the state has the highest proportion of uninsured drivers in the country, with 20 percent of drivers lacking "even minimum liability insurance."

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.

"Car insurance costs in the state will increase as climate change causes increasingly severe weather events, increasing the risk of damage to vehicles and pushing up premiums," FINN writes in its report.

Florida is currently being rocked by a home insurance crisis which has seen several major insurers leaving the state, with most saying they're doing so because of the exacerbated risk of extreme weather events like hurricanes, floods, and fires.

The state home insurance premiums have surged by 206 percent since DeSantis won the governor's office, as recently reported by Yahoo Finance. The Republican governor recently has been criticized by Florida's Democrat Representative Maxwell Frost, who accused DeSantis of behaving in a "disqualifying" matter as a leader in response to the unfolding crisis, as reported by ABC News.

Newsweek has contacted DeSantis' spokesperson for comment by email on Monday.

Request Reprint & Licensing Submit Correction View Editorial & AI Guidelines

Top stories

About the writer

Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property insurance market, local and national politics. She has previously extensively covered U.S. and European politics. Giulia joined Newsweek in 2022 from CGTN Europe and had previously worked at the European Central Bank. She is a graduate in Broadcast Journalism from Nottingham Trent University and holds a Bachelor's degree in Politics and International Relations from Università degli Studi di Cagliari, Italy. She speaks English, Italian, and a little French and Spanish. You can get in touch with Giulia by emailing: g.carbonaro@newsweek.com.

Writers Page

Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property ... Read more