Has Your Car Insurance Increased Dramatically this Year?
A question was posed on a social media site recently on the dramatic insurance increases currently in play in Florida and across the nation.
Has anyone else gotten dramatic insurance increases this year?  Attorney Philip Snyder shares how his buddy’s car insurance has gone up $100 per month. His son is paying $390 a month on a 2023 vehicle and his daughter is paying $490 a month on a 2020 vehicle. The family has no recent tickets, or accidents. Their insurance provider is Geico and they are ready to switch.  Is anyone else experiencing dramatic rate increases?
“I am asked this question a lot,” says Phil Snyder, of Lyons & Snyder in Florida. “I am a personal injury attorney. I deal with car insurance daily.”
Rates have gone up significantly across the board. Per State Farm, a 30% increase in premium year-on-year was due to the fact that the cost to repair my vehicle went up. Carriers (i.e. Farmers) are pulling out of Florida, which further lessens competition and increases rates. This is terribly frustrating.
Here is some advice:
- No two people are alike, as the insurance companies have a complex system of determining rates. It is all about perceived risk. You and your neighbor may drive identical 2023 vehicles and receive wildly different rates. One approach that may help is to use an independent insurance broker and have them price out multiple carriers every six months. In the past, I have hopped from MetLife to Travelers to Progressive to State Farm due to wildly different quotes.
- If at all possible, do NOT use “cut-rate” carriers. You are just throwing away your money. Read their reviews – they are garbage. If you ever need them, they will not be there. Some of the poorer carriers over the past few years include National General (Nat Gen), Infinity, Windhaven, United Auto, the General, Kemper, Incline, etc. Stay away – you have been warned.
- More people are driving without ANY insurance or only have MINIMAL coverage. If you get into a car accident, it is likely that the person who hit you will NOT have coverage. Hit and runs are also on the rise. We turn down almost 1/3 of every call we receive as the at-fault driver has NO coverage or the crash was a hit and run. I strongly advise that you purchase uninsured motorist (UM) coverage. UM coverage will protect YOU and YOUR FAMILY in the event you are injured in a crash that is not your fault. My advice is to always MATCH your uninsured motorist coverage to your bodily injury (BI) coverage. I realize this is counter-intuitive to the question posed, however, if you cannot work or enjoy your life, saving a few dollars on car insurance seems insignificant. There are ways to cut your premium like lowering your bodily injury coverage, raising your deductibles and bundling home and auto. When you speak to an independent insurance broker, ask them to explain.
Contact Lyons & Snyder for Car Accident Claims
If you or a loved one has suffered an injury and want to file a personal injury lawsuit, you don’t need to do it alone. With the help of an experienced South Florida personal injury lawyer, you can ensure your strategy and claim are strong to seek all the damages available to you.
Marc Lyons and Philip Snyder have been litigating personal injury cases since 2008, securing compensations for clients in cases ranging from wrongful death suits to car accident claims.
If you need guidance in a personal injury case, go to MyTrustedLawyers.com or contact Lyons & Snyder at 954-462-8035 to schedule a free consultation.
