Florida’s top five auto insurance companies have already told state regulators that they expect interest rates to change by -8% in 2026, with some groups suggesting premium changes of -16.5%.
“Historic legislative changes continue to drive down auto insurance premiums, and nearly 80% of Florida auto insurance policyholders expect their premiums to decrease in 2026,” said Florida Insurance Commissioner Mike Jaworski.
Florida’s top five auto insurance companies have already told state regulators that they expect interest rates to change by -8% in 2026, with some groups suggesting premium changes of -16.5%.
Analysts say the state’s auto insurance market continues to show signs of improvement, and Republican lawmakers credit tort reform legislation passed during the 2022-23 legislative session.
Commissioner Mike Jaworski praised the cuts, which reflect the increased stability in the market following recent legal changes.
Florida’s five largest auto insurance groups, Progressive, Berkshire Hathaway (GEICO), State Farm, Allstate, and USAA, account for approximately 78% of Florida’s auto insurance market. Together, these companies predict interest rate cuts for most policyholders, with some filings showing reductions of up to 16.5%.
Blaise Ingoglia, Florida’s chief financial officer, noted that state regulators continue to work with insurers to identify opportunities for further rate reductions.
Several major insurance companies have already announced direct financial benefits to customers. Progressive reported nearly $1 billion in loans to policyholders, and State Farm announced dividends totaling about $533 million to Florida drivers. Other companies, including GEICO, USAA, Allstate and AAA, have also implemented rate reductions affecting hundreds of thousands of drivers in the state.
Data from the Florida Department of Insurance Regulation also shows broad improvement in the market. Florida recently recorded one of the lowest personal auto liability loss rates in the nation, and property damage rates have declined significantly over the past few years, a change that has lifted Florida from near the bottom of the nation to ninth place by 2025.
