Root Slashes Auto Insurance Rates by 15% for Florida Drivers

Root (NASDAQ: ROOT), the leading technology company in car insurance, today announced new rates that will reduce auto insurance premiums for Florida customers by 15% on average, with some policyholders seeing even more significant decreases.

Root has proudly served Florida drivers since 2022 and today serves more than 52,000 policyholders in the state, with nearly all indicated to see lower premiums as a result of the rate reductions. Eligible customers are expected to save about $400 per year on average, representing approximately $21 million in annualized savings.

Thanks to historic legislative reforms enacted in 2022 and 2023, Florida drivers are now seeing a more stable market and tangible benefits through lower insurance rates. Root’s 15% base rate reduction is a reflection of this progress. These reforms, spearheaded by Florida’s Governor, the Office of Insurance Regulation, and the Florida Legislature, address litigation-related costs that have historically contributed to higher insurance premiums. As costs decline, insurers can more accurately project future claims expenses and price coverage accordingly, creating opportunities to pass those savings on to consumers.

“We’re excited to reduce base rates by 15% for Florida customers and put money back in the hands of drivers,” said Alex Timm, Founder and CEO of Root.

“Florida’s insurance market continues to improve as costs continue to decline under the reforms, and Root’s ability to accurately price risk allows us to reflect those improvements in what our customers pay.”

Root was built on the belief that car insurance should be priced more accurately and fairly based on individual risk. As Florida’s reforms help reduce costs and bring greater predictability to the insurance market, Root can translate those improvements into more competitive rates for safe drivers. Root remains focused on delivering value to Florida consumers through precise pricing, disciplined underwriting, and a continued commitment to rewarding safe driving.