Drivers in Florida look for auto insurance to comply with the law and protect their assets. The best car insurance in Florida provides comprehensive coverage at an affordable price. This guide to the cheapest auto insurance in Florida will help motorists get the protection they need without breaking the bank.
Cheapest for typical drivers
Typical drivers can often find low cost car insurance from several Florida auto insurance companies. However, they’ll have to have excellent credit to score the best rates. Average premiums for a 35-year-old female driver with no accident history and who uses their vehicle for commuting come in at $969 from Geico.
Motorists with a similar driving profile can also find affordable Florida auto insurance from:
- State Farm, which offers average premiums of $1,000
- Standard Fire Insurance, which charges an average annual premium of $1,581
Cheapest for young drivers
The cheapest car insurance in Florida for young drivers is provided by State Farm. State Farm charges an average annual premium of $2,276 for young drivers. This is based on a comparison of premium costs for Florida auto insurance for an 18-year-old new driver with an excellent credit score who uses their vehicle for personal use.
Other Florida auto insurance companies offering low-cost policies for young motorists include:
- Geico, which charges average annual premiums of $2,779
- Progressive, which charges an average annual premium of $3,608
Young drivers are considered high-risk to insure, so premiums are higher as a result.
Cheapest for drivers with prior accidents
The cheapest car insurance in Florida for drivers with an accident record comes from State Farm. State Farm charges average annual premiums of $1,171 for drivers who have had a recent collision. These premiums are based on a driver with one accident and excellent credit who uses the vehicle for personal use.
Drivers with an accident history who are looking for the best car insurance in Florida may also find affordable policies from:
- Geico, which charges an average annual premium of $1,490
- Standard Fire Insurance, which has an average annual premium charge of $2,000
Prior accidents also increase insurer risk. Drivers should be aware that insurance premiums go up after an accident.
Cheapest for drivers with prior speeding tickets
The cheapest car insurance in Florida for drivers with a speeding ticket is provided by State Farm. Average annual premiums from State Farm for a driver with one speeding ticket and excellent credit are priced at $1,086. This is based on a driver who uses their vehicle for personal use.
Other Florida auto insurance providers that offer policies at a reasonable price include:
- Geico, with average annual premiums of $1,918
- Allstate, which has an average annual premium of $2,005
Like accidents and inexperience, a prior speeding ticket causes premium prices to rise.
Cheapest for drivers looking for minimum coverage
The cheapest car insurance in Florida for a driver who purchases only minimum coverage comes from Geico. Annual premiums for minimum coverage for a driver with excellent credit are just $406 when the vehicle is used for personal use.
Other options for affordable Florida insurance for drivers looking for minimum coverage include:
- State Farm, which offers a premium of $485 for minimum coverage
- Mercury, which charges an average annual premium of $652
Purchasing minimum coverage can leave drivers largely unprotected from losses. Many motorists would prefer to purchase additional Florida auto insurance to protect their assets. For example, drivers may wish to buy collision coverage. This pays for damage to their vehicles if a crash occurs. They may also wish to buy comprehensive coverage. This provides other protection, such as for losses from motor vehicle theft.
Cheapest for drivers with low credit scores
Drivers with poor credit can expect to pay more for auto insurance. The cheapest auto insurance in Florida for drivers with a low credit score comes from Geico and has average premiums of $2,297. This is based on a 35-year-old female using the vehicle for personal use.
Other insurers offering lower premiums for drivers with poor credit include:
- State Farm, which has average premiums of $2,484
- Direct General, which has average premiums of $2,499
Average car insurance cost in Florida compared to the national average
The average car insurance cost in Florida is $3,997. This is above the overall national average premium cost of $2,646.
The best car insurance companies in Florida may provide prices below these averages. Drivers looking for the lowest-cost policy should shop around among several providers to find cheap car insurance in Florida.
Florida auto insurance laws
Florida car insurance laws mandate that all drivers provide proof of Florida auto insurance before a vehicle with four wheels can be registered. Insurance must remain in effect even if a vehicle is not being driven or is inoperable. Policies must be issued by insurance companies licensed in the state.
Drivers who do not comply with Florida’s minimum liability coverage requirements could have their license suspended for up to three years.
Florida minimum coverage requirements
The state of Florida requires drivers to purchase two types of Florida auto insurance. Unlike many states, Florida minimum car insurance laws do not require that drivers buy bodily injury liability insurance.
Personal injury protection coverage
Drivers must have a minimum of $10,000 in personal injury protection (PIP) coverage. PIP pays for medical bills and lost wages for the policyholder after a collision. It pays for 80% of necessary and reasonable medical expenses. It covers these costs no matter who was at fault for causing the accident.
Property damage liability
Florida also requires drivers to have a minimum of $10,000 in property damage liability coverage. This pays for property damage the policyholder causes if they are at fault for an accident. Drivers can shop for cheap liability car insurance Florida to find the best prices on this coverage.
How to get cheap auto insurance in Florida
How much is car insurance in Florida? Drivers can find cheap auto insurance Florida by comparing quotes. Getting at least three to four car insurance quotes from different insurers can help drivers get the best car insurance in Florida at the most reasonable price.
In addition to getting car insurance quotes Florida, drivers can also take other steps to get cheap Florida auto insurance coverage. This could include bundling policies to earn a discount. Some insurers also offer car insurance discounts for employment relationships or group memberships. Drivers should ask about options for affordable car insurance Florida to claim all their savings.
Other things to consider when looking for car insurance in Florida
Florida law permits drivers to self-insure. They must provide a notarized copy of a financial statement showing an unencumbered net worth of at least $40,000. There are other requirements motorists must meet to self-insure. But for many drivers, buying Florida auto insurance is both cheaper and easier than self-insuring.
View more information: https://www.fool.com/the-ascent/insurance/auto/the-best-cheap-florida-car-insurance-for-2021/