Car insurance is an essential expense, but it shouldn’t break the bank.
With a little research and comparison shopping, you should be able to find the best car insurance in Florida at a rate you can afford.
The cost of car insurance depends on several factors, including the type of coverage you need, your age, your driving history, the kind of vehicle you drive, where you park it, and how many miles you drive annually.
Before you comparison shop, it’s important to know what type of coverage you’re required to have by law in Florida, as well as how certain variables, such as where you live, can increase or reduce your insurance cost.
Here is what you need to know so that you can get the best coverage at the most affordable price.
Average Cost Of Florida Car Insurance
So, how much is car insurance in Florida? According to the National Association of Insurance Commissioners, the estimated 2015 average annual premium for Florida was $1,257.13.
Ranked the sixth most expensive state for auto insurance that year by the Insurance Information Institute, Florida’s average insurance rates are considerably higher than the nationwide average of $1,009.38.
Florida’s median price increased by $97 between 2011 and 2015, which is slightly less than the average national increase of $100.95 during that same period.
Here’s how Florida’s car insurance costs compare to those of nearby states:
|Average Cost of Car Insurance in Florida||$1,257.13|
|Average Cost of Car Insurance in Alabama||$868.48|
|Average Cost of Car Insurance in Georgia||$1,048.40|
|Average Cost of Car Insurance in Mississippi||$994.05|
|Countrywide Average Cost of Car Insurance||$1,009.38|
Factors Affecting The Cost Of Florida Car Insurance
Florida’s relatively high car insurance rates can be attributed to many factors, including mandated coverage in Florida along with:
- Vehicle Theft Rates
- High Population Density
- Credit Score
- Disposable Income
Vehicle Theft Rates in Florida
Vehicle theft rates in any given location play an essential role in the cost of car insurance in the area.
Florida ranks third in the nation for vehicles stolen, coming in behind only California and Texas. According to the FBI, there were an estimated 42,322 auto thefts in Florida’s metropolitan statistical areas in 2016—a rate of 209.3 per 100,000 inhabitants, compared to the nationwide rate of 236.9 per 100,000 inhabitants.
The top five most commonly stolen vehicles in Florida in 2016 were full-size Ford pickups at 2,211 thefts; Nissan Altima at 1,275 thefts; and Toyota Camry at 1,248 thefts. Other popular models for theft are the Honda Civic, Honda Accord, and Toyota Corolla.
High Traffic Density in Florida
Florida has a high traffic density, which affects accident and fatality rates.
According to the NAIC, Florida’s 2014 traffic density was 1,642,608, calculated as the number of vehicle miles traveled per mile of roadway. The national traffic density for that same year was 724,348 vehicle miles per mile of roadway.
Regarding vehicle miles traveled per registered vehicle, Florida clocked in at 13,450 in 2014, compared to the nation’s 12,010. Florida’s 2014 Fatal Accident Rate was 1.24 per 100 million vehicle miles, compared to the countrywide rate of 1.08 per 100 million vehicle miles.
Population Density in Florida
The population density of a state also affects car insurance rates.
Florida’s population density in 2014 was 369 people per square mile, compared to the national average of 90 persons per square mile. In Florida, 93.9 percent of the population lived in a metropolitan area, compared to the 83.7 percent of people living in metro areas nationwide.
Disposable Income in Florida
High rates of disposable income can also increase insurance rates, since more money often corresponds to the purchase of more expensive vehicles.
These higher-priced automobiles cost more to insure and that in turn affects local premiums. In Florida, the per capita disposable income in 2014 was $38,350, up from $36,606 in 2013.
By contrast, the national average disposable income per capita in 2014 was $40,859.
Companies With The Best Florida Car Insurance
How much is car insurance in Florida?
That depends on various factors, including the insurance company you choose. When you’re shopping for the best auto insurance rates in Florida, get at least three quotes from different auto insurance companies to compare offerings and rates.
It’s also helpful to read reviews of the companies you’re comparing. Candid reviews from others who have purchased insurance through a carrier can also give crucial insight into rates, customer service, ease of filing claims, and other aspects of the company.
Founded in 1937 and currently one of the largest insurance companies in the U.S., Progressive offers:
- Private Car Insurance
- Commercial Car Insurance
- Motorcycle Insurance
- RV Insurance
- Boat Insurance
Popular programs include the Name Your Price Tool® and Snapshot®, a program that personalizes your rate based on how you drive.
Liberty Mutual is the fourth-largest property and casualty insurer in the nation and offers standard and comprehensive coverage along with programs like:
- Accident Forgiveness
- New Car Replacement
- Guaranteed Repair
Esurance is part of the Allstate family and offers auto insurance in 43 states.
The company claims to insure more than 5.2 million vehicles and provides online and mobile tools and 24/7 claim service.
Members-only USAA caters to military personnel and their families.
USAA has provided car insurance since 1922, and it offers a variety of:
- Auto Coverage Policies
- Savings Programs
- Flexible Payment Plans
Allstate was founded in 1931 and is the second largest insurer in the U.S.
It employs more than 40,000 agents and offers a wide range of auto insurance policies and a standard list of discounts.
One of the largest insurance companies in the world, MetLife was founded in 1868 and operates in more than 50 countries.
It offers auto insurance along with a large selection of other products and services.
Travelers began in Minnesota in 1853.
Now, based in New York City and part of a much larger conglomerate, Travelers offers a standard array of auto coverage and discount options along with other insurance products and services.
What Is Mandatory For Car Insurance In Florida?
The Florida Highway Safety and Motor Vehicles Department governs car insurance in Florida.
If you own a vehicle with four or more wheels in Florida, you must have an insurance policy issued for delivery in Florida by an insurance company that’s licensed by the Florida Department of Financial Services.
Knowing how much coverage you need is essential when shopping around for a policy.
The minimum coverage in Florida is:
- $10,000 personal injury protection (PIP)
- $10,000 property damage liability (PDL)
Personal injury protection insurance covers you up to the limits of your policy, regardless of who is at fault in an injury accident. Your PIP also covers your child, household members, and passengers who don’t carry PIP because they don’t own a vehicle.
It also covers you as a pedestrian or bicyclist if you’re injured by a motor vehicle.
Property damage liability covers damages to other people’s property caused by you or your family members in a motor vehicle crash.
You must keep proof of insurance in your vehicle at all times. If you fail to maintain insurance on a car that’s registered in Florida, the Department of Highway Safety and Motor Vehicles can suspend your driver’s license, license plate, and registration for up to three years, or until you’re able to provide proof of the minimum coverage.
You will then have to pay $150 to $500 to get your driver’s license reinstated.
How To Reduce The Cost Of Your Car Insurance
Finding the best car insurance in Florida requires diligent research and careful comparison shopping. Even so, your rate may be higher than you’d like.
While some pricing factors, such as your location, are largely unchangeable, there are five simple things you can do to put yourself in a lower premium bracket:
- Bundle Your Insurance Plans. Many insurance companies offer discounts when you purchase more than one type of insurance. By bundling your homeowners or renter’s insurance and other forms of coverage with your car insurance, you can lower your monthly premiums. It still pays to shop around, since the bundling discount may not save you as much as you could save by choosing a different carrier.
- Opt For A Higher Deductible. The higher your deductible—or what you pay out of pocket before your insurance pays—the lower your monthly premium. According to the Insurance Information Institute, increasing your deductible from $200 to $500 could lower your coverage cost by up to 30 percent. A $1,000 deductible may save you 40 percent or more. Just make sure that you can cover the deductible in case of an emergency.
- Keep Your Credit Clean. Increasing your credit score can have a significant impact on your car insurance premium.
- Ask About Discounts. When you’re shopping around for coverage, ask about any discounts offered. Different companies have different discounts, including discounts for safe driving, low mileage, installing safety features in your vehicle, or taking a defensive driving course. You may also be able to get a discount through your employer, professional affiliations, alumni groups, or other associations.
- Reduce Coverage On Older Vehicles. At some point, it may not be worth keeping full coverage on an older vehicle. If your car is worth less than ten times the premium, full insurance may not be worth the added expense.
Before you begin comparison shopping, make sure you’re prepared and have all the information you need to get the most accurate quote and qualify for any possible discounts.
How To Prepare To Get Car Insurance Quotes
Here’s what an agent will need to know to give you the best quote:
- The make, model, year, and Vehicle Identification Number of your car
- Your car’s safety features, such as airbags or anti-lock brakes
- Any anti-theft devices you have in your vehicle, such as an alarm or GPS tracker
- An estimate of how many miles you drive each year
- Your driving habits, such as driving for business or pleasure
- Where you live and where you park your car
- How much liability coverage you want, considering the value of your assets
- You desired deductible amount
- How many drivers are in your household, along with their:
- Driving Record
- Safe Driving Courses
- Students—their grades, as some insurers offer discounts for good students
What Can Increase the Cost of Your Car Insurance
Just as there are ways to reduce your insurance costs, some circumstances can increase your premium. These include:
Your Age and Gender
In general, people under the age of 25—and especially those under the age of 18—are more expensive to insure than older drivers.
Additionally, women may have lower premiums than men, and single drivers may pay more for insurance than married drivers.
Your Driving Record
The better your driving record, the less risky you are to the insurance company. The worse your record, the more you’ll likely pay for your insurance.
However, don’t be discouraged once previous accidents and violations fall off your record, you can enjoy lower insurance rates.
Your Vehicle Make and Model
Expensive cars are more costly to insure, and the type of car you have, such as a sports car or a minivan, can impact your rates as well.
How Much You Drive
The more miles you drive each year, the more your premium could be. Additionally, if you carry paying passengers in your car or drive for business, your insurance rate may be higher.
Summing It Up
Understanding the factors that come into play in determining your insurance costs can help you find the best car insurance in Florida to suit your unique needs.
The key is to arm yourself with information and shop around for the best possible rates.
Be sure to ask about discounts, and don’t forget to compare different coverage options within the same company. With due diligence, you can end up with the coverage you like at a price that makes you happy.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.