The report is part of a larger body of IRC research examining the issue of affordability by identifying the key underlying cost drivers. The specific factors driving high insurance claim costs can vary from state to state. In Florida, high accident and injury claim frequency, heavy use of some medical procedures and treatments, extensive attorney involvement, and an expensive legal environment are key cost drivers.
Florida's Rank Among Least Affordable States
Affordability Index (Auto insurance Expenditures as Percent of Median Income)
Post-reform: little long-term impact on PIP costs, climbing BI costs
The 2017 Florida average loss cost (the amount insurers paid per vehicle, including vehicles without claims) was 38 percent higher than the U.S. average for PIP claims and 70 percent higher for Bl claims.
Higher medical utilization and attorney involvement
IRC members can download this report for free as part of their membership. Non-members can purchase access.
