State Farm is cutting its Florida auto insurance rates again – another 10% on average – marking the fourth rate drop in just a year, according to company spokesperson Michal Brower.
Stack all four reductions together and customers could see premiums down roughly 20%. Brower said the ongoing cuts align with the state’s shifting legal climate.
We wholeheartedly agree with the governor and the Office of Insurance Regulation that reduced litigation has contributed to falling rates, and that’s why State Farm has been returning value to our customers in the form of rate cuts.
Michal Brower, State Farm
Progressive Corp., Florida’s biggest personal auto insurer, has also been adjusting its pricing. The company recently booked a $950 mn credit for what it described as “excess permitted profit” covering policy years 2023 through 2025.
Earlier, Progressive lowered rates twice – once in December and again in June.
Florida’s insurance regulators require private passenger auto carriers to submit detailed annual data on premiums, losses, loss adjustments, and related expenses.
The goal, according to state law, is to ensure that rates “shall not be excessive, inadequate or unfairly discriminatory” while still promoting fair competition.
Refunds do not currently apply to State Farm as we have been consistently reducing our auto rates over the last year.
We think the shift signals something real – not just PR talk. Litigation reforms, combined with tighter underwriting, might be finally reshaping Florida’s notoriously expensive auto market. Maybe. But that depends on whether loss costs stay quiet through 2026.
