TALLAHASSEE, Fla. — More Florida drivers will start to see lower insurance rates this year.
Florida Insurance Commissioner Mike Yaworsky announced Thursday that the state's top five auto insurance companies are decreasing their average rates by 8%.
These five auto groups include: Progressive, GEICO, State Farm, Allstate and USAA.
State regulators said this amounts to 78% of Florida's auto market and "shows great confidence and stability in the market" following legislative reforms.
"Once again, policyholders are saving money and benefitting from Florida's historic tort reforms," Chief Financial Officer Blaise Ingoglia said. "Florida has laid out the blueprint for successful insurance reform, and we are continuing to see the difference it is making for Florida families and their wallets. As CFO, I will continue to work with Commissioner Yaworsky to ensure that announcements like this continue."
The latest rate reduction comes after previous announcements that State Farm was cutting rates for Florida drivers by about 10% and Progressive clients would be getting a credit after excessive profits.
"The historic legislative reforms continue to drive auto insurance rates down—with nearly 80% of Florida's auto policyholders seeing lower rates for 2026. Florida's top five auto writers are already indicating an -8% rate change for 2026, with one group even indicating an -16.5% rate change. This is great news, and we anticipate this trend to continue for the auto market," Yaworsky said.
According to Florida's Office of Insurance Regulation (OIR), the state's top five auto writer insurance groups requested last year a total rate reduction of 7.4%. As of February, the top five auto groups are showing a 2026 year-to-date rate reduction of 8%.
OIR said auto physical damage loss ratios in Florida have dropped from 112.0% in 2022, 70.3% in 2023, 66.7% in 2024, to 49.5% in 2025.
"Across all 50 states, Florida's 2025 auto physical damage loss ratio surged dramatically, moving from 48th to an impressive ninth place in one year alone," OIR said in a statement.
