Florida could be a distinctive state for automobile insurance. it's a no-fault state once it involves injuries suffered in motorcar accidents. additionally, to the liability coverage needed by nearly every state, Sunshine State state law needs all drivers to hold a minimum of $10,000 in personal injury protection, AN extension of ancient motorcar insurance that covers medical expenses and lost wages. once a driver is hurt in AN accident, despite WHO is guilty, his own policy, not that of the opposite driver, pays the medical prices.
Florida has higher-than-average population density, automotive accidents, automotive thefts and automotive roguishness. These factors mix with the state's no-fault laws to create automobile insurance premiums way more pricey here than in most different states. For this reason, shoppers keep alert concerning rate-shopping and comparison plans. firms contend ferociously for business.
Insurance Companies in Florida
Berkshire Hathaway Insurance/GEICO
Berkshire Hathaway, Inc. (NYSE: BRK.A), headquartered in Omaha, Nebraska, is that the leading automotive insurance underwriter in Sunshine State, claiming nineteen.17% market share. most of this business is written by the company's subsidiary, GEICO, that advertises heavily within the state.
GEICO, that keeps its overhead and premiums low by operation native agents, noted by the corporate as middlemen, collected over $2.7 million in new premiums for the year 2013. Throughout the twenty-first century, GEICO has competed ferociously with State Farm for the most important share of the Sunshine State automobile insurance market. GEICO, presently the fastest-growing automobile insurance company in Sunshine State in addition because the largest, recently solid before its contender.
State Farm
State Farm diode the Sunshine State automobile insurance marketplace for several decades. As of 2015, however, the corporate presently sits in second place to its rival, GEICO. Its market share, that was once over 2 hundredth, has fallen to seventeen.06%, tho' the corporate still holds a considerable lead over the number-three company by market share, Progressive Insurance cluster.
The company wrote over $2.4 million in new premiums for 2013, most of it by native agents, that the corporate has unbroken in situ to position itself as giving higher service and a lot of personalized attention than GEICO.
Progressive Insurance cluster
Progressive house. (NYSE: PGR
) is another automotive insurance underwriter that has been creating massive moves in Sunshine State. the corporate saturates native radio and television airwaves with advertisements and, as of the mid-2010s, the subject matter has paid off.
Progressive recently passed rival Allstate to require over the number-three spot by market share. The $1.8 million in new premiums that it wrote in 2013 has given the corporate a complete market share of thirteen.03%.
Allstate Insurance cluster
Allstate house. (NYSE: ALL) could be a storied automobile insurance company that, throughout the twenty-first century, has slipped in stature in Sunshine State. shoppers report the company's rates typically don't seem to be competitive, and Allstate has lost business to upstart GEICO and Progressive, in addition to its long-time rival, State Farm.
Allstate still managed to write down over $1.6 million in new premiums for 2013. Its market share in Sunshine State is eleven.83%.
United Services Automobile Association
The United Services Automobile Association provides insurance, typically at discounted rates, solely to military personnel and their families. Sunshine State has many military hubs in cities like a port of entry, Fort Walton Beach, and town. an oversized proportion of the servicemen and servicewomen WHO sleep in these cities select USAA to ensure their cars. As a result, the corporate manages to grab the number-five spot for Sunshine State market share, before such firms as Liberty Mutual, Farmers and Nationwide.
USAA wrote nearly $900,000 in new Sunshine State premiums for the year 2013. Its 6.33% market share is spectacular, particularly given the comparatively modest size of the state's military population.