Florida’s highways can be congested. In addition to the drivers who call Florida home, the state welcomed more than 131 million tourists in 2019, placing it second only to California as the most visited state. Having a car insurance policy in place to cover you and your family financially in the event of an accident is critical to your financial well-being.
According to Bankrate, the average cost of full coverage vehicle insurance in Florida is $2,364 per year, making it one of the highest average rates in the US. So we will be reviewing the 10 best cheap car insurance in Florida.
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Florida Car Insurance
Florida has the third-most costly vehicle insurance premiums in the United States, according to the Insurance Information Institute (III).
According to the Institute, Floridians will pay $1,356.90 on insurance per year. According to the Federal Insurance Office, Florida has the second-highest number of uninsured drivers in the United States, which drives up insurance costs.
Car insurance companies evaluate premiums based on your region, age, gender, and driving history.
Credit score, marital status, vehicle type, past coverage, and kilometers driven are all factors that can affect the amount you pay for insurance.
The lowest insurance isn’t always the best insurance for you. The lowest insurance is almost certainly minimum coverage.
Is minimum coverage, on the other hand, the ideal alternative for your needs? What good is low-cost insurance if you can’t get in touch with someone when you need to file a claim?
Average car insurance cost in Florida
In Florida, the average yearly car insurance premium is $1,101 for minimal coverage and $2,364 for full coverage.
Florida drivers spend about $700, or 71%, more for coverage than the national average of $1,674 per year for complete coverage. According to Bankrate’s survey, Florida is the second-most costly state in the US for full-coverage vehicle insurance.
The state’s higher-than-average premium may be attributable in part to Florida’s physical position, which includes 1,350 miles of coastline (the most in the United States) and its consequent vulnerability to extreme weather events including tropical storms, hurricanes, and tornadoes.
According to 2019 data given by the Triple-I, Florida has a large population of uninsured drivers, with 20.4 percent of drivers expected to be driving without insurance.
All of these variables, especially when combined with the state’s congested highways, could be driving up insurance premiums.
10 Best Cheap Car Insurance In Florida
State Farm Insurance
This is one of the best cheap car insurance in Florida. Younger drivers and students can save money by completing defensive driving courses and being good students, according to State Farm.
According to the Insurance Information Institute (Triple-I), State Farm is the largest car insurer in the United States, with 16.2 percent market share.
In the 2021 J.D. Power Auto Insurance Study for Florida, State Farm also achieved the highest official ranking for customer satisfaction.
AM Best has given State Farm an A++ (Superior) financial strength grade, the best available. State Farm has local agents in locations all around Florida, so if you prefer to handle your insurance requirements in person, State Farm could be a good fit.
The National Association of Insurance Commissioners (NAIC) has given State Farm a higher-than-average complaint index score, which could indicate that some policyholders are dissatisfied with the company’s quality of customer service.
Geico
Also one of the best cheap car insurance in Florida, Geico could be a good alternative if you want excellent digital assets, lower-than-average premiums, and a comprehensive list of discounts.
Being a federal employee, active-duty military member or veteran, or a student with outstanding grades can all help you save money on your insurance.
In the 2021 J.D. Power U.S. Insurance Digital Experience Study, Geico’s mobile app received good marks for its user-friendly features. Geico, the second-largest auto insurance in the United States by market share, has an AM Best financial strength rating of A++ (Superior).
However, because the carrier does not offer as many endorsement alternatives as some other carriers, its policies are very straightforward. Geico also offers customers the option of obtaining insurance from local brokers in person.
Progressive
Although Progressive is not the cheapest vehicle insurance carrier on Bankrate’s list, its perks may outweigh the higher price. The third-largest vehicle insurer in the United States offers a variety of digital tools that can help you find the best auto insurance in Florida faster and easier.
Progressive’s Name Your Price tool populates coverage options based on your budget, and you can even compare rates from multiple companies straight on their website.
Customers can also take advantage of the national carrier’s Snapshot usage-based telematics program, which allows them to save money on premiums depending on their driving patterns.
AM Best has given Progressive an A+ (Superior) financial strength grade. Bundling with Progressive’s American Strategic Insurance (Progressive Home) subsidiary in St. Petersburg, Fla, is one of the company’s many discounts.
It is considered one of the best cheap car insurance in Florida.
Allstate
This is one of the best cheap car insurance in Florida. Allstate, the fourth-largest auto insurer in the United States, offers a wide range of standard auto insurance coverage options, an outstanding website full of tools and useful consumer information for customers and the general public, and a slew of simple and practical ways policyholders can save money on their premiums.
Allstate policyholders can save money by digitally managing their policies, installing safety equipment, and practicing safe driving practices in order to qualify for the company’s distinctive Safe Driving Bonus.
AM Best has given Allstate an A+ (Superior) financial strength grade.
Allied Insurance
Allied Insurance, a Nationwide company, was formed in 1929 and is based in Des Moines, Iowa. Automobile, homes, life, and other types of insurance are all available through Allied.
Where applicable, Allied provides typical coverage options like as bodily injury liability, property damage liability, collision and comprehensive, gap coverage, uninsured/underinsured motorist coverage, and personal injury protection that are available from other auto insurance companies.
Allied Insurance also offers a variety of other insurance types, perks, and discounts, allowing you to tailor coverage to your specific needs.
It is considered one of the best cheap car insurance in Florida.
Travelers auto insurance
Among other companies, the business is recognized for writing the first automobile insurance policy in the United States.
In 1864, the insurance company was founded to provide travel insurance to railroad passengers. Customers may now expect auto plans as well as a selection of other forms of coverage to suit a variety of needs.
Travelers competes with other big-name insurers by offering collision, comprehensive, and liability coverage, as well as personal injury protection (PIP), uninsured and underinsured motorist coverage, and medical costs coverage.
Let’s take a look at some of the extra features and insurance alternatives that can be added to a Travelers vehicle insurance policy in the future. This is one of the best cheap car insurance in Florida.
Read: 10 Best Cheap Car Insurance in New York (NY) 2023
Auto-Owners Insurance
Auto-Owners Insurance Company, based in Lansing, Michigan, has been providing insurance for over 100 years. Thousands of independent agents work with the company, which is operational in 26 states.
Auto-Owners Insurance, despite its name, offers a wide range of insurance products. The company’s car insurance products are consistently top-rated, and its home, life, and business insurance alternatives are consistently well-received.
Policyholders can expect a choice of coverage options and a smooth claims procedure thanks to Auto-Owners’ reputation as one of the best cheap car insurance companies in terms of customer satisfaction.
Liability, collision, comprehensive, uninsured/underinsured motorist, medical costs, and personal injury protection are among the typical coverage offered by the organization (PIP).
21st Century Insurance
Considered as one of the best cheap car insurance in Florida, 21st Century is a subsidiary of the Farmers Insurance Group and primarily serves California drivers.
Although 21st Century has a strong financial position and offers competitive coverage, it may lack the extra features that go above and beyond to cover all of your bases.
A 21st Century automobile insurance policy should include standard coverage options such as collision, comprehensive, liability, underinsured and uninsured motorist, medical payments, bodily injury, and property damage, as well as 24/7 roadside assistance, which is included by default.
Esurance
Esurance, one of the best cheap car insurance in Florida, was formed in San Francisco, California, in 1999. This insurance company offers plans for renters, homeowners, motorcycles, and automobiles.
The online quotation technique of Esurance promotes quick vehicle insurance quotes and affordable insurance prices.
All of the basic auto insurance coverage options are available via Esurance. Aside from liability, collision, and comprehensive coverages, Esurance offers a number of other options.
Read: 15 Best Cheap Car Insurance in New Jersey | 2023
Mercury Insurance
Mercury is a multi-line insurance firm based in Los Angeles that specializes in vehicle and homeowners insurance. George Joseph, the company’s founder, had worked in the insurance industry before creating Mercury Insurance in 1961.
Outside of California, the company swiftly grew to include coverage in ten other states.
Mercury provides the conventional auto insurance coverage options: comprehensive, collision, liability, medical payments, personal injury protection (PIP), uninsured and underinsured driver coverage, and roadside assistance.
What is the best way to acquire the cheapest auto insurance in Florida?
Many drivers would prefer to be covered by the greatest vehicle insurance company available.
Because each driver’s needs are unique and can be influenced by factors such as vehicle type and coverage requirements, determining the best carrier is primarily determined by which components of auto insurance you prioritize.
You may, however, take certain efforts to aid your search.
Consider Florida’s minimal insurance requirements.
Because Florida is a no-fault state, each person involved in an accident is responsible for making a claim with their own insurer to cover their medical expenses, regardless of who is at fault. Property damage is the responsibility of the at-fault driver.
The Sunshine Statutory takes an unusual approach to state minimum vehicle insurance, requiring only personal injury protection (PIP) and property damage liability coverage.
Technically, bodily harm liability insurance is not required. However, if you are classed as a high-risk driver because of your previous driving history, which may include DUIs or other severe offenses, the state has a “financial responsibility statute” that requires you to give proof of your ability to pay for the damages you cause in an accident.
Although there are other options for complying with this rule, such as posting a bond, most high-risk drivers choose to obtain a policy that includes bodily harm liability coverage.
Although Florida’s minimum mandated insurance coverage helps to keep the state’s expensive premiums in check, drivers may face higher out-of-pocket costs if they are involved in a more catastrophic accident with injuries or damages that surpass the minimum limits.
While major events like automobile accidents cannot be predicted, acquiring additional coverage ahead of time, such as optional collision and comprehensive coverage, as well as uninsured and underinsured motorist coverage, can assist mitigate financial damages.
Read: 15 Best Cheap Car Insurance In Texas
Consider the needs of the lender.
If you have a loan or lease on your vehicle, you may be subject to additional insurance requirements beyond the state’s minimum coverage. Lenders and lessors almost always require complete coverage, which includes comprehensive and collision coverage.
These types of coverage provide significant financial protection for both collision and non-collision damage to your car, rather than only damage you cause to another person. Lessors will almost always demand you to hold liability limits that are higher than the state minimum.
Consider gap insurance, which covers the difference between your loan value and the vehicle’s actual cash value in the event that your vehicle is stolen or totaled. When compared to your lender, buying gap coverage from your motor insurer is usually less expensive.
Take into account your unique requirements.
Every driver brings their own set of circumstances to the table when it comes to auto insurance.
The business, coverage types and levels, endorsements, and discounts you select will be influenced by your circumstances. If you have a teen driver, for example, you might want to look for firms that offer student discounts, which could help you save money on your insurance.
You may be classified as a high-risk driver if you have a history of accidents, citations, a DUI conviction, or any combination of these events on your driving record.
Because your insurance company options may be restricted, you may need to do some further research to locate the best fit for you.
In Florida, car insurance reductions are available.
Insurance discounts may help you save money on vehicle insurance, regardless of your initial price quote. Your driving habits, vehicle safety features, and preferred payment method all have the potential to help you save money on car insurance.
The following are some of the most prevalent vehicle insurance discounts in Florida:
Young driver discounts:
Young drivers might be costly to cover, but you can save money on teen auto insurance by taking advantage of discounts.
Discounts for good students, faraway students, and driver instruction are also frequent.
Safe driver discounts:
Many firms provide usage-based telematics insurance packages, which use a smartphone app or plug-in device to track your driving habits. You may be eligible for a significant discount based on how safely you drive and how much you drive.
If you drive for a particular number of years without filing a claim and have no moving offenses, you may be able to save money.
Other discounts:
If you purchase both your vehicle and house insurance policies from the same insurer, you may be eligible for a “bundling” discount.
Some providers can give you a discount if you combine your auto insurance with other types of coverage, such as pet, life, or business insurance.
Signing up for paperless billing or automatic payments can also help you save money.
Discounts vary per carrier, so talking to your agent or a company representative is frequently the best way to find out what savings you might be eligible for.
Read: How to Get Cheap Car Insurance in 2023
Florida’s minimum vehicle insurance requirements
Florida residents are required to carry the following amounts of property damage liability and personal injury protection (PIP) insurance:
- Property damage liability is $10,000 per accident.
- Personal injury protection of $10,000 is available.
- In the event that you are found to be at fault in a collision, the Florida Financial Responsibility Law requires you to be able to pay up to:
- Per individual, there is a $10,000 liability for bodily injury.
- Per accident, there is a responsibility of $20,000 for physical injury.·
Up to the policy’s predefined limits, liability auto insurance covers the expense of any damage, injuries, or deaths you cause in a car accident.
If you’re injured in a car accident, personal injury protection will cover your medical fees and expenses up to your policy limits, regardless of who was at fault. PIP may also cover the following expenses, depending on your state:
- If you are unable to work owing to injuries sustained in an accident, you will be compensated for your lost wages.
- Because of your injuries, you are unable to undertake services such as house cleaning or child care.
- If you die as a result of an accident-related injury, you’ll have to pay for your funeral.
- As a cash payout, a little death benefit.
When it comes to all aspects of your auto liability insurance, experts advise purchasing more than the absolute minimum. Optional coverages such as collision, comprehensive, and uninsured motorist insurance may be beneficial.
FAQs 10 Best Cheap Car Insurance In Florida
Geico and State Farm, according to Bankrate’s analysis, offer the cheapest full and minimum auto insurance coverage in Florida.
Personal injury protection (PIP) and property damage liability (PDL) up to $10,000 each are the sole minimum coverage requirements in Florida.
The average cost of auto insurance in Florida is greater than the national average. The dense population, harsh weather patterns, and large number of uninsured drivers all contribute to the state’s higher premiums.
In Florida and most other jurisdictions, credit is a rating factor. Unless you choose a carrier that does not use credit in its underwriting criteria, your credit-based insurance score will affect how much you pay for auto insurance.
If you only need the state minimal coverage in Florida, try out these firms, as they had the lowest average rates: $1,274 a year, or about $106 per month, according to Geico.
$1,338 per year, or about $112 each month, according to Allstate. State Farm charges $1,490 per year, or $124 per month.
Conclusion
Everyone’s car insurance requirements are different. The amount of money one can afford to pay each month, the number and worth of goods that need to be protected, and the value of the vehicle are all factors to consider.
In general, more insurance is better than less, and a little higher deductible for more coverage is a decent trade-off.
Compare vehicle insurance rates for various insurance kinds, look into potential policy discounts, and make the best option for you and your car insurance needs.
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