Rapidly Rising Auto Insurance Rates Put Long-Term Pressure on Drivers | Business Observer
Ten years from now, Florida is expected to be the fifth most expensive state to own a car, according to research by driver training company Zutobi.
Using depreciating car value, rising fuel and insurance costs as metrics, Zutobi performed a state-by-state calculation of what it would cost to own an F-150 pickup truck, the vehicle the most sold in the United States, in 2031. Its researchers found that it would cost Floridians $6,582 to own an F-150 in 10 years, an increase of $959. Only Louisiana, Nevada, California and Hawaii rank higher.
Much of the increase can be attributed to rapidly rising car insurance rates in Florida. Sunshine State residents are already paying the highest premiums in the nation, and rates have been rising 41% annually. In 2021, Floridians paid an average of $2,082 for car insurance. That’s more than $1,400 above the national average of $654.
The most expensive states to own and run a car for a year in 2031:
- Louisiana: $7,125
- Nevada: $7,079
- California: $6,815
- Hawaii: $6,739
- Florida: $6,582
The cheapest states to own and operate a car for a year in 2031:
- New York: $4,508
- Ohio: $4,521
- New Hampshire: $4,639
- Wisconsin: $4,687
- Oklahoma: $4,716