Root IncROOT
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Root cuts Florida auto premiums 15% on average, citing legal reforms that lowered litigation costs and let it price coverage more accurately.
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Root IncRoot, Inc. announced new rates that will reduce auto insurance premiums for Florida customers by 15% on average, citing the impact of state legal reforms. The company, which has served Florida since 2022 and now covers more than 52,000 policyholders there, says nearly all will see lower premiums, with eligible customers saving about $400 per year, totaling approximately $21 million in annualized savings. Root attributes the reduction to historic legislative reforms enacted in 2022 and 2023 that have lowered litigation-related costs, allowing insurers to price coverage more accurately. Founder and CEO Alex Timm said the company is excited to pass savings on to drivers as Florida's market improves.
Root IncRoot cuts Florida auto premiums 15% on average, citing legal reforms that lowered litigation costs and let it price coverage more accurately.