Evelyn Pimplaskar Director of Content/Editor-in-Chief | Insurify
Floridians may see changes to their car insurance premiums, particularly those insured with Progressive. According to a recent Securities and Exchange Commission filing by the company, Progressive could be required to issue refunds or offer renewal credits to policyholders if its profits surpass state-mandated limits for the 2023-2025 period.
“Despite these actions, it is possible that our profit for personal auto in Florida for the 2023 to 2025 period will exceed the statutory profit limit … and that we will need to pay any profit above [that limit],” the filing stated.
State law requires insurers in Florida to refund policyholders or offer credits when profits exceed certain thresholds over three years. Progressive has already lowered its car insurance rates twice within the past year due to increased profits and reduced claims costs.
Recent data from Insurify shows that Florida drivers with Progressive pay an average of $272 per month for full coverage and $181 for liability-only coverage. In comparison, the statewide averages across all insurers are $209 and $155 per month, respectively.
Progressive has also asked the Florida Office of Insurance Regulation (FLOIR) for permission to reduce its car insurance rates by 8.6%. While FLOIR considers this request, reports indicate that overall car insurance rates in Florida have decreased by 10% since July 2024. However, Insurify’s analysts expect these rates to rise again by about 7% before year-end, potentially bringing the average annual premium for full coverage up to $3,107.
Several factors contribute to high insurance costs in Florida. These include its no-fault system, population density, a significant number of uninsured drivers, and risks from severe weather events like hurricanes. After hurricanes Helene and Milton in 2024, more than 100,000 claims were filed by drivers in the state.
Despite such challenges, Florida’s top five insurers recently submitted rate decrease requests averaging 6.5%, as reported by state regulators. Regulatory reforms have been cited as one reason behind these reductions.
Progressive has not confirmed if or when refunds will be issued or how much customers might receive. NBC affiliate WBBH reported that refunds could start arriving within a few months if required. The requested rate cut is still awaiting approval from FLOIR; if granted, customers would likely notice lower premiums starting with renewals in 2026.
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