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Prestige Insurance Group, Inc.

SUV on the Open RoadTwo reports put out last week show the high cost of driving a car and insuring a home in Florida.

Florida is the third most expensive state to operate a motor vehicle, based on costs of gasoline, insurance and repairs. At $2,516 per year, it is behind only Wyoming ($2,705) and Louisiana ($2,555). Florida costs are above average in all three categories – including $377 for repairs and $1,015 for gas - and has the sixth-highest car insurance premiums in the nation at $1,124.

Although the report doesn’t say so, one of the factors driving car insurance costs in the state is the amount of insurance fraud, particularly in South Florida.

Wyoming costs the most because its drivers average 68 percent more miles on those wide open roads than the national average driver. Bankrate based the gasoline costs on pump prices, fuel efficiency and miles traveled.

Iowa is the cheapest place to operate a vehicle at $1,942 thanks to the lowest insurance rates at $630 per year.

The other report shows that Florida has the highest average homeowner insurance cost at $1,933 per year, compared to a national average of $978.

The purpose of Bankrate’s report was show the effect of credit scores on insurance costs. A homeowner with poor credit pays 91 percent more on average than a homeowner with excellent credit.

Florida is one of four states where credit does not affect the insurance rates, and the only one of the four that does not prohibit insurers from examining homeowner credit. The reason given is that hurricanes play such a major role that credit is a lesser concern.

Make sure you have the right insurance protection for your vehicle. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami auto insurance.

(Article courtesy: Anthony Clark via The Gainesville Sun)
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