News Section: Business and Financial
Manatee/Sarasota Area Seeing Higher Auto Insurance Rates According to Study
BRADENTON – According to a new study, auto insurance rates in the Sarasota/Manatee market are above normal for comparable markets. Of the 30 large and mid-size markets studied, the region ranked as the 12th most expensive with an average policy price of $727 annually. Despite its high population of college-aged drivers, Gainesville's average rates were significantly lower at just $538.
The Miami market skewed statewide averages with a whopping average of $1,314 per year/per policy. Nearby Tampa/St Pete was the third most expensive region, with an average annual policy price of $988.
The study found that statewide, men paid about 10 percent more than women, and that premium differences can range widely between insurers. For example, quotes from GEICO cost more for women compared to men.
Rates were lower by 9 percent for older drivers, with the weighted average premium for 50 year-old profiles at $950, versus $1,042 for ones of 30 year-olds. Progressive, however, was an exception, quoting lower rates for younger drivers compared to older ones.
The study was conducted by the consumer data site valuepenguin.com. It used quotes from Progressive, GEICO, and Liberty Mutual for the top 30 urban areas in Florida.
Insurance policies were structured to include and exceed Florida’s minimum liability requirements: $10,000 for personal injury protection, $10,000 of property damage, and $10,000 for bodily injury liability per person (and $20,000 per accident). No supplemental coverages were added.
The only discounts incorporated into the policy quotes were for these standard safety features: anti-lock brakes, airbags, and automatic anti-theft measures.
Click here to see a full breakdown of the study.
Sign up for a free email subscription and get The Bradenton Times' Thursday Weekly Recap and Sunday Edition delivered to your email box each week at no cost.