Florida car insurance increasing at alarming rate ...

Comon guys. Television, radio, and billboard companies would take a huge revenue hit from loss of personal injury law firms if auto insurance rates went into decline.

Who do you think is really paying for all those personal injury attorney commercials? The buyers of auto insurance.

Who would have thought the media has a huge incentive to keep car insurance rates on the rise.....
 
GON said:
It would be great to have a resource that lists all the mutuals able to do business in a state, how their rates compare to non mutuals in the same state, and a comparison on claim satisfaction.
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I just remember "Mutual of Omaha" commercials. And "Prudential" too.

Even "Liberty Mutual" is owned by investors: https://www.libertymutualgroup.com/about-lm/investor-relations/overview

Found one: https://southcarolina.massmutual.com/about-us/about-massmutual-mutuality

"Mutual ownership
As a mutual company, with no shareholders, MassMutual is managed with the long-term interests of its policyowners and members in mind. Policyowners and members may benefit directly from the Company’s mutual ownership structure. For example, if you are the insured under a MassMutual participating whole life insurance policy, you are a member of the Company and entitled to vote for its board of directors. And if you are the owner of that participating policy, you may be eligible to share in any dividends the Company may declare. "

So USAA is a mutual ownership model as well, at least based on what I understand.
 
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97K15004WD said:
I just remember "Mutual of Omaha" commercials. And "Prudential" too.

Even "Liberty Mutual" is owned by investors: https://www.libertymutualgroup.com/about-lm/investor-relations/overview

Found one: https://southcarolina.massmutual.com/about-us/about-massmutual-mutuality

"Mutual ownership
As a mutual company, with no shareholders, MassMutual is managed with the long-term interests of its policyowners and members in mind. Policyowners and members may benefit directly from the Company’s mutual ownership structure. For example, if you are the insured under a MassMutual participating whole life insurance policy, you are a member of the Company and entitled to vote for its board of directors. And if you are the owner of that participating policy, you may be eligible to share in any dividends the Company may declare. "

So USAA is a mutual ownership model as well, at least based on what I understand.
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Thanks for clarifying that a mutual does not require membership of its customers. I was wrong thinking that.
 
In SC, you can drive without insurance BUT you have to register with the state DOT and pay a 550.00 Fee. Not many know about it. Not a wise choice either, but if necessary why not.

You just have to register per below:

SECTION 56-10-510. Registration of uninsured motor vehicle; fee; use of fee; certificate of insurance; penalties for failure to submit certificate of insurance.

In addition to any other fees prescribed by law, every person registering an uninsured motor vehicle, as defined in Section 56-9-20, at the time of registering or reregistering the uninsured vehicle, shall pay a fee of five hundred and fifty dollars. Notwithstanding any other provision of law, fifty dollars of the uninsured motor vehicle fee is nonrefundable and is directed to be paid to the South Carolina Reinsurance Facility for the recoupment of assessments or losses of the South Carolina Reinsurance Facility pursuant to Section 56-10-554 until otherwise ordered by the director of the Department of Insurance. However, if the uninsured motor vehicle is being registered for a period of less than a full year, the uninsured motor vehicle fee exclusive of any nonrefundable portion must be prorated to conform to the registration period. This uninsured motor vehicle fee shall be increased annually based upon and in relation to the average rate level increases for private passenger automobile insurance coverages by insurers in this State. The director of the Department of Insurance, by annual order, will set this exact fee. The application for registering an uninsured vehicle must have the following statements printed on or attached to the first page of the form, boldface, twelve point type: "THIS $550 FEE IS NOT AN INSURANCE PREMIUM AND YOU ARE NOT PURCHASING ANY INSURANCE BY PAYING THIS FEE. THIS $550 UNINSURED MOTORIST FEE IS FOR THE PRIVILEGE TO DRIVE AND OPERATE AN UNINSURED MOTOR VEHICLE ON THE SOUTH CAROLINA ROADS." This uninsured motorist notice required by this section must also be given to the person registering an uninsured motor vehicle."

I'm not sure, but I think this may be for people that "self-insure" through umbrella policies, or large corporations that "self-insure". What I do know is uninsured motorist insurance coverage continues to climb, and maybe this is why?

Regardless, people drive without insurance every day. Some even drive with no license either. So, it's no wonder rates are going up. Just look at your UMI rates and see what those are now.
 
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I was surprised to find FL doesn't have vehicle safety inspection. Not surprised no emission inspection. They've got to be losing something significant from the feds due to that choice.

Now I know why I used to see broken down cars in the median of i75 with families milling around in SWF back when I visited my Mom in Fort Myers

I know in some states you had the option of posting a bond instead of paying for private auto insurance.
 
ARCOgraphite said:
"I know in some states you had the option of posting a bond instead of paying for private auto insurance."
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Yep. And a lot of people that have insurance have no idea that others don't have insurance - and are surprised when they have an accident with someone like that. That's why I have a higher UMI limit on my policies.

According to these guys, over 32 Million uninsured drivers, or about 1 in 8.

www.bankrate.com

Uninsured Motorist Statistics And Facts 2023 | Bankrate

Are uninsured drivers a concern in your state? Bankrate reviews the data.
www.bankrate.com

And since we are talking about Florida:

Florida: 20.4%

So, about 1 in 5 are uninsured in the state of FL. That's one good reason why rates are going up. Every fifth motorist isn't paying for insurance, so the other four are making up the slacker's share.
 
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Cujet said:
Florida has become as expensive a place to live as NY and CA have traditionally been. There are no bargains anymore.

I make no secret that I've not received a salary increase in over a decade. Inflation takes a bite every year, that's understood. What's not so clear to those living elsewhere is the sudden 40% increases in insurance costs. Homeowners started out in the $300 range per year is now in the $12,000 range. Auto insurance is the same,. was $60 per month, is now $500 per month. Oh, you want "non flood zone" FEMA flood insurance, well at least that's still a comparative bargain, in the hundreds per year.

Insurance costs, along with auto prices have far outstripped the CPI consumer price index calculated numbers. Adequate income is the only solution.

But at least the auto insurance companies will fall 30% short of paying for your needs, if the need arises. They are experts at this. All while using Chinese parts.
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People really don’t grasp how messed up is Florida’s insurance market. It is so bad that in my industry we call people moving from one institution to another “Florida exodus.” My colleague got a call from one work place in FL out of nowhere and they offered him a job. He told me: “i think I am good in what I di, but I am not THAT good.” Turns out they can’t find people to take over job once those who applied realize cost of living, mostly tied to insurance ( some other things too).
 
ARCOgraphite said:
I was surprised to find FL doesn't have vehicle safety inspection. Not surprised no emission inspection. They've got to be losing something significant from the feds due to that choice.
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I suspect it's topography. Emissions just blow off shore consequently they don't exist in the eyes of some people. lol.
 
GON said:
Comon guys. Television, radio, and billboard companies would take a huge revenue hit from loss of personal injury law firms if auto insurance rates went into decline.

Who do you think is really paying for all those personal injury attorney commercials? The buyers of auto insurance.

Who would have thought the media has a huge incentive to keep car insurance rates on the rise.....
Click to expand...

We go to Florida each February and I am amazed at all personal/auto injury lawyer billboards I see. I bet this is part of the problem.
 
24-44% in a year?

Mine in Phila was 8% in 6 mos so maybe 16%.

Seems quite arbitrary.

Whereas look at property taxes, unchanged for around 5 years, and straddled a reassessment where values doubled (proof again assessments are revenue blind). School taxes went up 3%.

Does insurance really need all those Super Bowl quarterbacks etc paid for by premiums? What a lesson in greed.
 
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