What happened: New data reveals that Florida’s five largest auto insurers lowered rates by an average of 6.5% this year following recent lawsuit abuse reforms. 

Remind me: In 2023, Florida Gov. Ron DeSantis signed comprehensive legal reforms aimed at curbing lawsuit abuse, reducing frivolous claims and lowering insurance costs for Floridians.

By the numbers: 

• Car insurance rates among the five largest carriers in Florida have decreased by an average of 6.5% this year. 
• These five carriers account for nearly 80% of the Florida market.
• Alabama is in need of similar legal reforms, as a recent study showed that lawsuit abuse cost Alabama households an average of $3,286 in 2022.

TLR Thoughts: Legal reform benefits everyday consumers, as evidenced by Florida’s recent success in lowering insurance costs. Similar reforms have the potential to bring much-needed relief to families and small businesses in states like Alabama and Texas, where lawsuit abuse continues to drive up expenses and create financial burdens.

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