Cheap Car Insurance Companies In Florida

The average semiannual cost of car insurance in the state of Florida is $817.19. An insured premiums are influenced by more variables than purely their place of residence. Car insurance underwriters calculate auto insurance rates after assessing a range of criteria such as the policyholder’s age, driving record, marital status, and credit rating. We examined typical car insurance costs in Florida across each of the predominant rating factors. We aim to provide consumers insight to identify a car insurance policy that meets their needs and budget.

*Data Methodology – Updated 2/28/2024

The Florida car insurance rates are based on a 35-year-old male with the most popular car (Honda Accord) living in FL. The Quote is for full coverage with comprehensive at $500 deductible and collision at $500 deductible.

Florida Minimum Liability Coverage

All drivers in Florida are required to carry minimum liability car insurance coverage, known as Personal Injury Protection (PIP) insurance. This protects you financially in the event of a car accident where you are deemed legally liable. The minimum liability limits in Florida are:

• $10,000 for bodily injury per person
• $20,000 for bodily injury per accident
• $10,000 for property damage per accident

These limits have been in place since the 1970s and have not been increased to adjust for inflation. However, they only provide limited financial protection in the event of serious injuries or significant property damage in an accident.

Penalties for Driving Without Insurance in Florida

Florida law requires all drivers to carry liability car insurance on their vehicles. Driving without auto insurance is a serious offense that can result in penalties such as fines, license suspension, vehicle impoundment, and even jail time for repeat offenders. If you are caught driving without insurance in Florida, here are some of the penalties you may face:

• Fines: For a first offense of driving without insurance, you will face a minimum fine of $500 and up to a maximum of $1,000. For subsequent offenses within three years, fines increase to a minimum of $1,000 and a maximum of $5,000.
• License Suspension: Your driver’s license will be suspended for a period of up to three years for a first offense and up to five years for subsequent offenses. The suspension begins after you pay the required fine and court fees.
• Vehicle Impoundment: For a first offense, your vehicle may be impounded for a period of 10 days. For subsequent offenses, the impoundment period increases to 30 days. You will be responsible for all towing and storage fees to retrieve your vehicle.
• Court Fees: In addition to the fine, you will have to pay various court fees and costs associated with processing your citation. This can amount to several hundred dollars.
• Possible Jail Time: For third and subsequent offenses within a five-year period, you may face up to one year in jail.

The penalties are severe to discourage driving without insurance and ensure that all drivers carry coverage to compensate victims of motor vehicle collisions. It is important to maintain continuous car insurance on your vehicles to avoid these consequences.

Auto Insurance Rates in Florida

Auto insurance rates in Florida can vary considerably depending on a number of factors. For drivers living in Florida, there are a few things to keep in mind regarding auto insurance rates:

First, Florida is known for having some of the highest auto insurance rates in the country. This is due to a combination of factors, including high traffic volume, higher rates of accidents, uninsured motorist claims, auto theft, and expensive repairs. All of these factors contribute to higher premiums for Florida drivers.

Second, where you live within the state can significantly impact your rates. Urban areas like Miami, Tampa, and Orlando tend to have the highest auto insurance rates due to higher traffic, crime rates, and accident rates. Rates are generally lower in more rural areas of Florida.

Third, your driving history will be a major determinant of your rates. Drivers with a clean record and no accidents, violations, or suspensions for at least three years will qualify for the lowest rates. Any driving infractions or accidents on your record in the past three years will increase your premiums.

Fourth, the type of vehicle you drive also impacts rates, with luxury, sports, and SUV vehicles typically costing more to insure. You can save on car insurance by driving an economical sedan.

Shopping around and comparing rates from multiple insurance providers is critical to securing the best rate. Don’t assume your current insurer offers the lowest car insurance rate – you could likely save hundreds by getting a few competing car insurance quotes. Consider providers like Geico, Progressive, State Farm, Allstate and USAA.

Low Cost Car Insurance Programs and Discounts in Florida

Florida residents have access to several low cost car insurance programs and discounts that can help lower your premiums. While insurance costs vary based on personal factors like your age, driving history, and credit score, taking advantage of the following options can make a notable difference.

State-run programs like the Florida Automobile Joint Underwriting Association (FAJUA) provide basic coverage to high-risk drivers who are denied by other insurance providers. Premiums are higher than average but still affordable compared to traditional coverage for applicants.

Many insurance companies offer good student discounts if you maintain above-average grades. Military and first responder discounts are also common for those serving their communities.

Discounts for safety features like anti-theft devices, airbags, and automatic braking systems can save up to 10% on your premium. Opting for higher deductibles is another straightforward way to lower costs.

Bundling your auto and home insurance policies with the same company often qualifies for a multi-policy discount of 5% to 15%. Some insurers also reward loyal customers with longevity discounts after several years of on-time payments and no claims.

Do your research to find an insurer that provides the coverage you need at a auto insurance rate you can afford. Compare multiple car insurance quotes and ask about any available discounts to maximize your savings and ensure you have the protection that makes sense for your needs and budget.

Florida Car Insurance Statistics

Florida has some of the highest car insurance rates in the country. Several factors contribute to the high cost of car insurance in the Sunshine State.

One reason is the high frequency of car accidents and insurance claims in Florida. According to the Insurance Information Institute, Florida has the second-highest number of insured losses per premium dollar, trailing only Louisiana. Florida’s warm weather and large elderly population likely contribute to this high accident rate.

Florida is also a no-fault state, meaning that each driver’s insurance company covers their medical bills after an accident, regardless of fault. While no-fault insurance provides benefits for all accident victims, it also tends to increase claim costs and insurance premiums overall.

Florida law also has relatively high minimum liability insurance requirements. Drivers must carry at least $10,000 in bodily injury coverage per person, $20,000 in bodily injury coverage per accident, and $10,000 in property damage coverage. These minimum requirements exceed those of many other states.

Insurance fraud is also a major problem in Florida that raises insurance costs. According to the Insurance Information Institute, Florida ranks third in the nation for the highest per capita rate of insurance fraud, behind only Louisiana and West Virginia.

Florida has a high concentration of high-risk drivers, including many senior citizens and new, inexperienced drivers. These risk factors cause insurance companies to charge higher premiums to Florida customers.

The combination of high accident rates, no-fault insurance laws, high minimum coverage requirements, fraud issues, and a high-risk driving population all contribute to Florida’s notoriously high car insurance rates. Until changes are made to address these underlying factors, Florida motorists will likely continue to pay above-average insurance premiums.

The 10 Largest Florida Car Insurance Companies

Florida is known for its warm climate, beaches, and theme parks, but it’s also infamous for high car insurance rates. With so many cars on the road and high rates of accidents, fraud, and theft, Florida insurers have to charge higher premiums to cover losses. However, competition is fierce among Florida car insurance providers, resulting in a wide range of options for drivers. Here are the 10 largest car insurance companies in Florida based on market share:

1. State Farm – State Farm has the largest market share of any car insurer in Florida at 15.7%. It offers a wide variety of policies at competitive rates for customers of all risk levels.
2. GEICO – GEICO follows closely behind State Farm at 15.3% market share. Known for its low rates, GEICO has grown rapidly in Florida in recent years.
3. Progressive – Progressive holds 11.7% of the Florida market. The company is well known for offering a number of discounts and using a unique rating system based on individual driver factors.
4. Allstate – Allstate has 9.8% market share in Florida. In addition to standard policies, Allstate offers unique coverage options like rideshare insurance and usage-based policies.
5. Farmers – Farmers Insurance Group comes in at number 5 with 7.7% of the Florida auto insurance market. It is known for offering many discounts and bundling options.
6. Liberty Mutual – Liberty Mutual has 6% of the Florida insurance market. The company aims to offer personalized coverage and superior customer service.
7. USAA – USAA, which primarily serves military members and their families, has 4.7% of the Florida market. The company is well-known for extremely high customer satisfaction.
8. Auto-Owners Insurance – With 4.6% market share, Auto-Owners Insurance is one of the smaller companies on this list but still a major Florida auto insurer. It focuses on providing exceptional customer service.
9. Travelers – Travelers Insurance has 3.1% of the Florida auto insurance market. The company is known for offering many additional coverage options.
10. MetLife Auto & Home – MetLife Auto & Home, a subsidiary of MetLife, has 2.7% of the Florida car insurance market. The company aims to offer simple and easy-to-understand policies.