Broward Injury Lawyer Blog
A new analysis conducted by the Federal Insurance Office reveals millions of Americans live in swaths of the country where car insurance is not affordable. In an analysis of 9,000 ZIP codes with high numbers of “underserved” people, including those with low-to-moderate incomes and minorities, approximately 10 percent lived in regions where auto insurance cost them 2 percent or more of their household income. That equates to 19 million people nationally.
Here in Florida, the percentage of uninsured drivers in Florida was approximately 24 percent, or about 1 in 5. That’s the second-highest uninsured driver rate in the country. The cost of insurance can’t be discounted as a primary reason for this. The federal researchers concluded that a 40-year-old man with a clean driving record and a strong credit score would pay $1,655 annually for car insurance. That’s 25 percent more than the national average.
When researchers looked at Florida ZIP codes, they found that among all of Florida’s 19 million residents, about 41 percent – or 7.9 million people – live in ZIP codes that have high concentrations of people who are considered under-served. Nearly 30 percent of all people in those ZIP codes pay more than 2 percent of their income on car insurance, which amounts to about 3 million people. Continue reading
