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Auto insurance rates increasing, but there are ways to save

There are ways to save on auto insurance
There are ways to save on auto insurance 03:09

CORAL SPRINGS - If you have gotten your auto insurance bill, you may be in for a surprise. Many South Florida drivers are seeing rate increases, even if they have spotless records.

CBS Miami has been following one driver who began to see the hikes last year. Retired special ed teacher Hal Krantz and his wife drive very little and haven't had any incidents and yet their insurance went up.

Krantz said he was dealing with a hefty car insurance increase, more than a thousand dollars for the year.

Over the summer, Krantz said he had switched insurance carriers and was saving about $600 dollars a year.
But part of the deal was agreeing to install a tracking device on his windshield. That device measures speed and stopping. Insurance companies use that information to decide whether your rates will increase or stay where they are.

"Sometimes I feel like it's big brother," said Krantz.

Krantz says when he began shopping his policy around he found some companies were offering special rates.

"It's cheaper to go with a new company even if it's every six months because you get special rates," he said.

The Insurance Information Institute which tracks rates says the average cost of full coverage in Florida now stands at $3,430 dollars a year. That's 51% higher than the national average which is $2,278 a year

"It's very expensive," said Debbie Iten who has been writing insurance for 34 years.

She said the factors driving up the rates in Florida include, fraud, floods, hurricanes, theft of catalytic converters, and
The decision to total a car because of a lack of parts. After that, it depends on your zip code, age, marital status and credit score.

If you have a teenager on your policy it's even worse.

"Your rate is going to go up substantially. A lot of times it will double," said Iten

There are strategies to try to bring your premium lower.

There is a 'good grade' discount for teenagers. You can raise your deductible, reduce coverage or agree to a driving monitoring system.

"There are carriers starting to write again. A couple are asking for rate reductions, so towards the end of the year, we will see some changes," said Iten.

Krantz is hoping that will happen. He's not sure if his monitoring device will continue to guarantee him a lower rate.

"I'll see when they send me my new bill," he said. 

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