Florida Legal Reforms Lowering Premiums
Key Questions
Why are auto insurance premiums decreasing in Florida?
Recent lawsuit reforms have reduced lawsuits by 23% in 2024/2025, leading to lower premiums despite national surges. This has attracted 20 new insurers, halved Citizens Insurance, and prompted rate cuts from major carriers, including $1B in refunds.
Was Florida's no-fault auto insurance law repealed?
No, Florida lawmakers did not repeal the 55-year-old no-fault PIP auto insurance law. Rumors of its repeal have been debunked, and it remains intact.
Which carriers are cutting auto insurance rates in Florida for 2026?
Four major carriers have filed for rate decreases: GEICO (10.5%), Progressive (8.1%), and State Farm (6%). These reductions stem from legal reforms crushing lawsuits and improving market stability.
Lawsuit reforms crush suits 23% '24/'25/no-fault PIP intact (repeal rumors debunked), 20 new insurers, halve Citizens, GEICO 10.5%/Prog 8.1%/State Farm 6% cuts, $1B refunds—real saver vs national surges.