Florida drivers are projected to face an 18% increase in auto insurance premiums by the end of 2024, according to a recent Insurify report. The average annual cost of full coverage is expected to rise from $2,910 in December 2023 to $3,444, with third-party litigation funding (TPLF) and increased attorney advertising driving up insurance costs statewide.

Attorney advertising has become a significant factor in rising premiums. An October 25 report by the Insurance Research Council (IRC) found that 60% of respondents believe attorney advertising raises the number of auto claims, up from 55% in 2021. Additionally, 52% think this advertising increases their insurance costs, compared to 45% in the previous survey.

“Most respondents believe that attorney advertising increases auto insurance costs by encouraging more legal involvement, which leads to higher claim settlements and legal expenses,” said Dale Porfilio, President of the Insurance Research Council.