I don’t know about you, but I’d like a redo on 2020. There isn’t much that’s been good about this year and between the pandemic, record job loss, and now civil unrest, I'd gladly take the opportunity to turn the clock back to December 31st and see about a redo. I’m thinking there’s a pretty good chance you’d do the same. That being said, there have been a few silver linings to what we’ve been through. Better hygiene, reconnecting with family, and perhaps a greater appreciation for nature. There’s one more we can add to the list. Dramatically fewer accidents. While speeding citations are actually up year over year as some drivers are using the opportunity of less traffic to attempt to drive faster, accidents are a different story.
According to the Department of Highway Safety and Motor Vehicles data, accidents dropped by 25% in March and 50% in April, during the peak of the lockdowns in Florida. Overall accidents have decreased by approximately 25,000, or around 208 per day, in 2020. As many insurance companies have offered discounts on insurance plans during the pandemic, this provides a concrete reason why. It’s also a reminder that if you haven’t been offered a discount from your auto insurance company, you should ask. There’s a good chance you’ll have success. According to the Insurance Information Institute, 47 auto insurance companies have made discounting available with an average discount of 20% for two months. The range in discounting provided by these companies has been 15% to 25%.
The average auto insurance premium in Florida in 2020 is $171 per month. This means the average per vehicle savings made available is about $68. Again, if you haven’t seen the benefit it’s worth reaching out to your company. This is a case of ask and most likely you’ll receive. The reduction in accidents in Florida has significantly reduced the insurance payouts by providers and offering a break is currently the industry norm.
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