Florida is a distinctive state for auto insurance. This is a no-fault state in regards to injuries. Along with the liability coverage required by nearly every state, Florida state law requires all drivers to bear at least $10,000 in personal injury protection, an extension of conventional auto insurance that covers medical expenses . wages and lost His own coverage, not that of the other driver, pays the medical costs when a motorist is damage in an accident, regardless of who’s responsible.
Florida has higher-than-average population density, automobile accidents, auto thefts and auto vandalism. These factors combine together with the state’s no-fault laws to create florida auto insurance premiums a lot more expensive here than in most other states. Because of this, consumers remain alert about rate- comparing and shopping strategies. Firms compete for company.
The organization ‘s subsidiary company, GEICO, which advertises in the state writes nearly all of the company.
Throughout the 21st century, GEICO and State Farm for the largest share of the Florida car insurance marketplace have competed. GEICO, now the fastest-growing auto insurance business in the biggest along with Florida, recently invented ahead of its competition.
State Farm led the Florida auto insurance companies marketplace for a lot of decades. As of 2015, but the firm now sits in second place GEICO, to its competition.
Progressive Corp. (NYSE: PGR) is another auto insurance company that’s been making large moves in Florida. The business saturates local radio and TV airwaves with ads and, as of the mid-2010s, the marketing has paid off.
Progressive and competing Allstate lately passed to take over the number-three place by market share. The $1.8 million in new premiums that it composed in 2013 have given the firm a total market share of 13.03%.
Allstate Corp. (NYSE: ALL) is a storied auto insurance business that, during the 21st century, has slid in prominence in Florida. Consumers report the rates of the company’s generally aren’t competitive, and Allstate has lost company to Progressive and upstart GEICO, together with to its longtime opponent, State Farm.
Allstate still managed to compose over $1.6 million in new premiums for 2013.
Automobile insurance is provided by the United Services Automobile Association, often at rates that are discounted, only to their own families as well as military personnel. Florida has several military hearts in cities like Fort Walton Beach, Jacksonville and Pensacola. A big percentage of the servicemen and servicewomen who live in these cities select their autos to be insured by USAA. Consequently, the firm manages to catch the number-five spot for Florida market share, ahead of such firms as Nationwide, Farmers and Liberty Mutual.
USAA wrote nearly $900,000 in new Florida for the that were premiums year 2013. Its 6.33% market share is remarkable, particularly given the relatively small size of the state’s military people.