The best cheap car insurance in Florida
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
- Florida is the third-most-expensive state for car insurance, with $1,356.90 each year on premiums.
- USAA, State Farm, and GEICO generally offer Floridians the best cheap auto insurance.
- Shop around and compare coverage limits and deductible requirements to get the best rate.
- Check out our partner Savvy — a free tool that lets you compare car insurance quotes in minutes »
The Insurance Information Institute (III) ranks Florida rates as the third-most expensive in the US for car insurance. Floridians will spend $1,356.90 each year on premiums, the institute found.
One factor that makes insurance premiums high in Florida is that Florida has the second-most uninsured drivers in the US — 23.8% of Florida residents driving without insurance, according to the Federal Insurance Office. This drives prices up for everyone.
Car insurance companies consider your location, age, gender, and driving record to calculate rates. Other factors like credit score, marital status, vehicle type, previous coverage, and miles driven can all play a role in the amount you’ll pay for coverage.
The cheapest doesn’t mean it is the best insurance for your needs. Technically, the cheapest insurance is most likely minimum coverage. However, is minimum coverage the best option for your needs? What good is cheap insurance if the customer service is lacking when you need to file a claim?
By doing your research, raising your credit score, and comparison shopping, you could save on your car insurance rates in Florida. No one company that will be the best for every Florida resident, and that’s why it’s so important to shop around and get multiple quotes before choosing a car-insurance policy.
The most popular car insurance companies in Florida based on market share
The following are the most popular car insurance companies in Florida based on the percentage of people who purchased insurance from them:
|Company||Market Share (%)|
*USAA is only for active military, veterans, and their families.
The above data was obtained from S&P Global Market Intelligence.
The best car insurance companies in Florida based on customer satisfaction
Customer satisfaction with car insurance providers may factor into your decision. According to J.D. Power, a consumer research company that surveys customers, these are the top providers based on customer rankings:
- Automobile Club Group
- Liberty Mutual
- Region Average
- State Farm
- The Hartford
- Auto-Owners Insurance
The best cheap car insurance in Florida based on credit score
Florida residents have lots of companies to choose from when it comes to cheap auto insurance. However, every company and every person will get different rates based on those factors we looked at above.
|Excellent (FICO 800+)||Very Good (FICO 740-799)||Good (FICO 670-739)||Poor (FICO 300-579)|
Based on The Zebra data
The best cheap car insurance in Florida if you have an accident or DUI
According to The Zebra, “After an accident, policyholders can expect an insurance premium increase of almost 50%.” The Zebra said, “In Florida, a DUI will lift your annual car insurance premium by an average of $1,085.” Data from The Zebra gives average rates in Florida with a DUI.
- State Farm Mutual car insurance: $1,830 per year
- Progressive car insurance: $3,613 per year
- GEICO car insurance: $3,632 per year
Florida car insurance rates by metro area
Below is the estimated average annual premium of auto insurance policies per household in Florida’s metro areas.
|Metro Area||Average Annual Car Insurance Premium|
|Miami-Fort Lauderdale-Pompano Beach, FL||$1,388|
|Tampa-St. Petersburg-Clearwater, FL||$,1371|
|North Port-Sarasota-Bradenton, FL||$1,379|
|Cape Coral-Fort Myers, FL||$1,363|
|Lakeland-Winter Haven, FL||$1,333|
|Deltona-Daytona Beach-Ormond Beach, FL||$1,322|
|Palm Bay-Melbourne-Titusville, FL||$1,371|
|Pensacola-Ferry Pass-Brent, FL||$1,373|
|Port St. Lucie, FL||$1,329|
|Naples-Marco Island, FL||$1,419|
|Crestview-Fort Walton Beach-Destin, FL||$1,410|
|Punta Gorda, FL||$1,296|
|Panama City, FL||$1,343|
|Sebastian-Vero Beach, FL||$1,339|
|Homosassa Springs, FL||$1,214|
|The Villages, FL||$1,250|
|Sebring-Avon Park, FL||$1,199|
|Key West, FL||$1,429|
|Lake City, FL||$1,283|
The above data was obtained from S&P Global Market Intelligence.
Who gets the best cheap car insurance in Florida?
People with excellent credit scores who live in less-trafficked rural areas tend to get the best rates.
The amount of coverage you choose will also influence the premium. Policies with greater coverage have bigger premiums, and the cheapest insurance policy isn’t always the best. Cheaper policies tend to carry larger deductibles, or higher amounts that you’ll pay out of pocket if you get into an accident. When you get your policy quote, look at the deductible, and the limits that come with each liability type. The best policy is usually the one with the highest limits and fits your budget.
Many personal factors influence prices. The car you drive, your driving record, age, gender, and even your marital and homeowner status can greatly affect premiums. Each company will price your premium differently based on these factors. Shop around and get insurance quotes from several companies to be sure you’re getting the best price.
Ronda Lee is an associate editor for insurance at Personal Finance Insider covering life, auto, homeowners, and renters insurance for consumers. She is also a licensed attorney who practiced litigation and insurance defense.
Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.
Business Insider may receive a commission from Media Alpha when you click on auto insurance quotes, but our reporting and recommendations are always independent and objective.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
Source: Read Full Article